Borrell: EU will face difficulties due to sanctions against Russia

The head of European diplomacy, Josep Borell, said that in the short term, the European Union will face difficulties due to sanctions against Russia. He noted the rising gas prices. At the same time, according to him, the EU must be ready to “pay the price for freedom.”

“As long as the Russian economy depends on oil and gas, they will need our technology. Russia is in trouble. And, of course, we will face serious challenges in the short term. It cannot be denied that gas prices are rising. But we must be willing to pay the price for freedom. Because the war in Ukraine is not only a war of Ukrainians, but also a war for our freedom,” Josep Borrell said in an interview with the newspaper. Kronen Zeitung.

Gas price in Europe growing against the backdrop of a stoppage of gas pumping through the Nord Stream due to repairs. Earlier, Gazprom also reduced supplies via the gas pipeline to 20% of its design capacity due to difficulties in repairing turbines due to sanctions. This week, the price of gas on the stock exchange at the moment reached $3.3 thousand per cubic meter.

Against the backdrop of rising energy prices, the European Union faced record inflation. Thus, annual inflation in the Eurozone rose to a record 8.9% in July. According to the Financial Times, in August it could reach 9%. Against the backdrop of rising prices, the ECB raised its base rate by 50 bp in July to 0.5%. For the first time in 11 years.

More details – in the material “Kommersant” “Gas prices seek new limits”.

Olesya Pavlenko