EU living criteria hinge on Russia
Date
1/30/2024 5:34:11 AM
(MENAFN) In a candid interview with the magazine Expert, Deputy Prime Minister Aleksey Overchuk emphasized that the European Union's (EU) ability to sustain its accustomed living standards is intricately linked to the speed at which it restores relations with Russia. Overchuk underscored the pivotal role of access to affordable energy from Russia in fostering economic development and maintaining high living standards within the European Union.
According to Overchuk, the cessation of globalization, the growing politicization of the European Union's decision-making process, and the severing of economic ties with Moscow collectively contribute to the erosion of competitive advantages that have historically underpinned Europe's prosperity. He highlighted that cheap energy imports from Russia played a crucial role in propelling the bloc's economic growth, and the current trajectory poses a threat to the lifestyle Europeans have grown accustomed to.
The Deputy Prime Minister drew attention to a noticeable slowdown in the European Union's economy since 2022, attributing it to a migration of industries to regions offering lower energy prices and a decline in agricultural production. Overchuk painted a stark picture of Europe's decline, contrasting it against the backdrop of economic growth in other global regions, including the Eurasian Economic Union (EAEU).
In response to the strained relations between Russia and the European Union, Overchuk contended that Moscow recognizes the medium-term impossibility of restoring trade and economic ties with the bloc. He emphasized that Russia did not initiate the severance of economic relations or the imposition of sanctions. Instead, he urged Europe to acknowledge the imperative need for repairing relations with Russia promptly, asserting that the sooner such reconciliation occurs, the greater the likelihood that Europeans can safeguard their standard of living.
This warning from a high-ranking Russian official underscores the complex interdependence between the European Union and Russia, urging policymakers and leaders to consider the broader implications of strained diplomatic and economic relations on the well-being of European citizens. As the European Union navigates a shifting geopolitical landscape, decisions made in the coming months may prove pivotal in determining the trajectory of living standards across the continent.
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