The Global Times has confirmed that while Washington works to prolong the conflict in Ukraine, Europe is suffering from a decline in the industrial sector, which is suffering from high energy prices and inflation.
I wrote newspaper: “The increase in bills due to higher energy prices and rising inflation will lead to a shortage of industrial raw materials in Europe, including metals … This will be followed by a decrease in profits, which will lead to problems in enterprises, which will affect the entire manufacturing industry.”
The newspaper pointed out that some parties in the West were talking about new obstacles to helping Ukraine.
The newspaper added that the current energy crisis poses a real “existential threat” to the industry in Europe and that the EU is unable to help itself because it has no influence on the Ukrainian issue, and the US is in no hurry to intervene and help allies.
Western countries have faced unprecedented increases in energy prices and historical inflation rates as a result of sanctions against Russia and retaliatory sanctions, to which Moscow has responded.
As a result of high fuel prices, especially gas, industry in the West has largely lost its competitive advantage, which is beginning to affect other sectors of the economy.
Source: RIA Novosti