An onslaught of multiple sanctions placed on Russia by the United States and the European Union due to the Eastern Europe conflict has harmed the Europeans to unprecedented levels not yet seen in modern history.
The irony is that Moscow’s currency is on the upswing, enjoying low energy rates and the lowest unemployment since 1992. And yet, Europeans are suffering — like the United States — with record high inflation and outrageous energy costs. And it is about to get a lot worse.
With Russia having already brought their energy exports to Europe until they lift their sanctions, Europeans are bracing themselves for what looks like a long, cold winter. To add insult to injury here, Europeans also face a food shortage crisis that most have never had to endure.
According to data from the industry association – Fertilizers Europe, Russia and Belarus had been providing roughly 60% of the EU’s fertilizer. Still, sanctions introduced in March on imports of potash from Belarus and the interruptions on trade with Russia have placed significant pressure on fertilizer supplies.