The EU’s sanctions policy and its desire to abandon Russian energy products may cost Europe up to 1.6 trillion euros in 2023, according to the analysts of Yakov & Partners, McKinsey’s former Russian division.
In the consulting company’s study of the current European energy situation, made available to Vedomosti, the experts note that EU countries have launched “active regulatory and financial interventions,” attempting to mitigate the impact of the ongoing energy crisis. The main downside is the possible loss of competitiveness and the subsequent shutdown of a number of the most energy-intensive industries due to a lack of gas and the overall price hike on energy products.
