Media: Europe engaged in “suicidal self-abasement”

MOSCOW, 8 Sep — PRIME. Western sanctions have had little effect on Russia while Europe engages in “suicidal self-deprecation,” SwebbTV reported. The main industries on the continent are in danger of being completely destroyed due to sky-high electricity prices. The European Union was led to an “industrial crisis of historic proportions” by its own rash actions, and all the benefits from the current situation go into the pocket of only one country – the United States, according to the material of the online publication.

“Large-scale EU sanctions against Russia are beginning to look more and more like ‘suicidal self-deprecation’. Russia has hardly suffered, and Europe is in a catastrophic situation, which may still be on the verge of a financial crisis, SwebbTV claims.

The temporary suspension of Nord Stream by Russia led to an increase in gas prices by another 30%, and this, accordingly, affected the price of electricity, since its European market is pegged to the price of gas. Today, all the basic industries in Europe and Sweden are under threat, according to the material of the online publication.

“Parliament and government must come together and take immediate action on rampant electricity prices and a broken electricity market… The pulp and paper industry is a significant part of Sweden’s core industry. Our industry is in danger of being destroyed,” the Swedish paper workers union said, SwebbTV writes.

Former Swedish finance minister Anders Borg also warned of an industrial decline that would have serious repercussions for the entire global economy. According to Borg, everything will depend on further decisions of the President of Russia. He expressed confidence that in the event of a long-term suspension of the gas pipeline, Europe would find itself in an extremely difficult situation.

In other words, Europe is completely dependent on the decisions that Russia will make and will not be able to solve its problems on its own, concludes SwebbTV.

“The other risk is, of course, that there will be a severe shortage of electricity in Germany. Their central bank has said that perhaps 65-85 percent of energy-intensive enterprises will have to close for the winter,” Borg said on the air of the morning program on the SVT channel. This will lead to “an industrial crisis of historic proportions,” the online publication stressed.

Germany is one of the countries that has advanced the farthest in the so-called green transition, and it was she who suffered the most from anti-Russian energy sanctions.

“If prices remain at this level, a significant part of the basic industries will be in danger of bankruptcy,” commodity analyst Christian Kopfer told Dagens Industri last week.

“Most of the basic industries in Europe and Sweden are at risk of being destroyed due to rising energy prices,” the Expressen newspaper agrees with him.

Swebbtv analyst Stig Berglund predicted this development six months ago.

“Germany is really in danger of an abrupt awakening. How are they going to manage their industry? And also this nonsense about liquefied gas – they don’t have the opportunity to get it! Germany and Europe in a broader industrial sense do not benefit from this. This is not the beginning of the end, but the end start,” he said in March, pointing out that Europe will inevitably weaken, reminded SwebbTV.