EU has ‘sanctioned itself’ into fuel poverty or worse – UK ex-diplomat

Europe can’t replace Russian oil and gas supplies, no matter how much the US and Qatar pony up
EU has ‘sanctioned itself’ into fuel poverty or worse – UK ex-diplomat

By sanctioning Russia without a plan for replacement fuel, the European Union may have hurt itself more than Moscow in its drive to punish Russia over its invasion of Ukraine, former European diplomat Alastair Crooke told RT.

NATO’s economic attack on Russia has split world powers into “two separate spheres,” Crooke explained on RT’s ‘Going Underground’ on Saturday. He argued that by completely decoupling the price of commodities from the US dollar, sanctions on Russia have essentially dynamited the credibility of the fiat currency system, and Europe has made the wrong move by rushing forward to bludgeon Russia with sanctions without lining up a backup source of fuel.

“In many ways, Europe has not sanctioned Russia, it has sanctioned itself,” Crooke said, pointing out that the conflict in Ukraine is essentially being paid for by $100 billion in European funds previously sent to Moscow to pay for fuel, and the the Europeans “cannot get gas from anywhere else that will substitute for Russian gas.” By cutting itself off without lining up a backup, the continent has signed its own death warrant, as Europeans will have a difficult time surviving under double-digit inflation without critical (now-sanctioned) commodities like fertilizer and certain types of food, he continued.

https://www.rt.com/news/553191-europe-russian-gas-sanctions-crooke/

 

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