Europe will slip into the middle of the Middle Ages without Russian gas

Western newspapers confirmed that the old continent will slip into the Middle Ages if it abandons Russian gas, as the energy crisis is causing a series of successive crises in the European Union countries.

Forbes columnist Kenneth Rapoza, said “European countries have entered a long-running energy crisis and are now slipping into the middle Ages”.

Rapoza continued in his article, noting that “the news from Western Europe reminds us of what came before from countries such as Bolivia… High inflation is accompanied by the rationalization of resources imposed by the state”.

Barclays Capital expects that due to higher energy prices, strict ECB measures and lower demand, the EU will face a deep and prolonged recession.

This recession will continue until the second quarter of 2023 and GDP will shrink by 1.7%, and the crisis will hit Germany, France, Italy and Spain significantly.

Over the past five years, the European Union consumed an average of 400 billion cubic meters of gas annually, distributed as follows, where about 100 billion cubic meters went to consumers, 167 billion was allocated to industry, and the rest went to the energy sector.

According to Rapoza, the EU was able to partially replace Russian imports from other sources, as well as reduce consumption, but although the European Commission noted that the EU countries need to reduce gas consumption by 15% (or about 60 billion cubic meters) In the event of a “detachment” from Russian gas, however, and even in this case, the continent will continue to buy Russian fuel.

Barclays Capital experts believe that Europe can cover the lost volume by launching nuclear and coal-fired power plants, but they caution that consumption must be reduced “otherwise, a blow to the economy cannot be avoided”.

Western countries are facing a significant rise in energy prices and rising inflation rates due to the imposition of sanctions on Moscow and the policy of abandoning Russian energy sources.

Western industries have largely lost their competitive advantages, which has also affected other sectors of the economy.