The Russia-targeted sanctions have plunged European countries into a crisis, causing general inflation in the wake of the energy price surge. Eurozone inflation has now hit a record high of 8.1%. Economists are sure that it’s just the beginning and the European Union’s sixth package of sanctions against Russia, which includes a partial oil ban, will send inflation spiraling out of control, Izvestia writes.
“We expect that the embargo will push oil prices higher by $15-20 per barrel, even though the restrictions are scheduled to come into effect in December, when energy demand usually falls. The price hike will make consumers in the EU spend more on fuel, accelerating inflation, which has already reached its highest level since the creation of the eurozone,” head of the Energy Development Center Kirill Melnikov told Izvestia.
