A day after setting Kyiv on the road to membership of the bloc, Friday’s summit is set to be a sober reflection on the economic impact of Russia’s invasion of UkraineBrussels — EU leaders will on Friday discuss how to respond to soaring energy prices and the threat of a total cut-off of Russian gas, accusing Moscow of “weaponising” energy via a supply squeeze that Germany warned could partly shut down its industry this winter.
After unprecedented Western sanctions imposed over the invasion, a dozen European countries have so far been thumped by cuts in gas flows from Russia. “Companies would have to stop production, lay off their workers, supply chains would collapse, people would go into debt to pay their heating bills,” he told Der Spiegel magazine, adding it was part of Russian President Vladimir Putin’s strategy to divide the country.
But that adds up to hefty bills for already stretched coffers, leaving many scrambling to find a solution, and EU countries disagree on a bloc-wide solution to address soaring prices. “If we don’t pay attention then the whole EU economy will go into a recession with all its consequences.” Eurogroup chief Paschal Donohoe warned that the bloc must “acknowledge the risk we could face if inflation becomes embedded in our economies”.
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