Von der Leyen admits Russian war causing ‘thick fog of uncertainty’ for Europe’s economy

Von der Leyen: Russian war causing 'thick fog of uncertainty for investment'

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The President of the European Commission has explained the Russian invasion of Ukraine is preventing global investment in businesses as prices soar across Europe. Ursula von der Leyen highlighted many businesses are still struggling to recover from the financial impact of covid as Putin’s war creates further economic strain. Despite the severe financial impact, Ms von der Leyen urged European nations to persist with the aim to end all trade reliance on Russia.

In an address from the World Economic Forum in Switzerland, she said: “This conflict is also sending shockwaves through the world, further disrupting supply chains already stretched by the pandemic.”

She continued: “It is putting new burdens on businesses and households.

“It has created a thick fog of uncertainty for investors across the globe.

“More and more companies and countries, already battered by two years of Covid-19 and all the resulting supply chain issues must now cope with rising prices for energy as a direct result of Putin’s unpardonable war.”

Global economies, including the UK, have suffered as energy prices rocketed following Putin’s invasion of Ukraine as vital trade was sanctioned.

She added: “Russia has tried to put pressure on us.”

“For example by cutting the energy supplies, the gas supplies of Bulgaria,
Poland and now, lately, Finland.”

Putin cut gas supplies for both Poland and Bulgaria last month in an effort to increase European tensions as both nations are heavily reliant on Russian energy supplies.

Finland is the most recent nation to suffer supply cuts from Russia as Putin was angered by the country’s bid to join NATO.

Read more Ukraine LIVE: ‘President messed up’ Russian elite turning on Putin

Ms von der Leyen assured European nations that the sanctioning of Russian trade was imperative to address Putin’s “unpardonable” invasion of neighbouring Ukraine.

She suggested the war would force nations to hasten their independence from Russian fuel, with long-term benefits for European economies and the environment.

“This war and this behaviour we have seen has only strengthened Europe’s resolve to get rid of Russian fossil fuel dependency, rapidly,” she said.

“The climate cannot wait, but now the geopolitical reasons are evident too.”

Don’t miss:
EU lays pressure on Putin as bloc to agree on Russian oil embargo  [ANALYSIS]
‘Solutions first, sanctions afterwards’ Hungary pushes back against EU [REPORT]
Tory MP claims UK leads Europe in response to Russia thanks to Brexit [INSIGHT]

Ms von der Leyen urged all global nations to gain rapid independence from Russian trade and continue the international condemnation of Putin’s aggression.

In a statement on social media, she said: “Today, the World Economic Forum must address the costs and consequences of Putin’s war of choice.

“This is putting our whole international order into question.

“And that’s why countering Russia’s aggression is a task for the entire global community.”

Source: Read Full Article