The sanctions against Russia could affect the economic growth and energy supplies in Europe.
European Commissioner for Economy, Paolo Gentiloni, warned that the economic growth in the region, as well as Europe's energy supplies, could be seriously dented by anti-Russian sanctions condemning its military offensive in Ukraine.
Gentiloni said at a press conference in Brussels that Europe must be prepared to struggle with finding energy resources, chiefly Russian gas, amid the difficult situation in Eastern Europe.
He remarked on the severe impact the Russian invasion of Ukraine will eventually have on the continent's growth. He disclosed that financial markets, energy prices, and supply chains could be altered, expressing that these effects should be carefully addressed.
According to Eurostat, the statistical office of the European Union, the bloc has experienced a new record in inflation of 5.8% in February. In such a scenario, the European Commissioner has made his remarks.
Within the European Union, Russia constitutes the largest supplier of energy resources, supplying about 40% of its natural gas demand and nearly a third of its crude oil imports. Russian oil and gas industries have not yet been sanctioned; however, the European Parliament has already approved a resolution to condemn its actions in Ukraine.
Tougher sanctions, the constraint of oil and gas imports, and the expulsion of the country from the SWIFT international system of interbank payments are some of the demands.