, according to Nomura, a Japanese investment bank with significant operations in London.
Energy prices had already surged in the second half of 2021 as leading economies lifted coronavirus pandemic lockdowns, but Russia’s invasion of Ukraine has added an extra layer of difficulty, as the EU, the US and UK have sought to isolate Russia economically. Europe is still, and Vladimir Putin has responded to sanctions by slowing gas supplies.
Europe is struggling with “conditions that are very much global in nature , which leads us to believe that European economies will suffer the same fate – recession – as the US,” wrote George Buckley, a Nomura economist. Inflation in the eurozone hit an annual rate of 8.6% in June, theAnalysts at JP Morgan Chase, the US investment bank, said last week that Russia could also cause “stratospheric” oil price increases if it used output cuts to retaliate againstby the G7 group of large economies.
. The pipeline is scheduled to close for a 10-day period starting on 11 July for planned annual maintenance. The German economy minister, Robert Habeck, told German media last week that the government feared Russia would decline to reopen the pipeline, a move that could cause shortages over the winter.“It seems clear that in the case of European gas shortages, a severe recession will be a near certainty,” wrote Neufeld and Keck.
Russia could retaliate by cutting output as a way to inflict pain on the west,” Better to make friend with prince Salman and forget Democrats loathing
Shouldn't have antagonised them for 20 years then.
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