Thursday 30 June 2022
Home EP EU countries consider their own economic consequences of sanctions

EU countries consider their own economic consequences of sanctions

The European Parliament's Agriculture Committee will discuss the international food situation as a result of the Russian war in Ukraine on Tuesday. Some Ukrainian parliamentarians also participate in this discussion via video link.

Ukraine is also discussed in three other EP committees, after which decisions can be made on Wednesday – in the plenary session.

On Tuesday morning, Máximo Torero, chief economist of the Food and Agriculture Organization of the United Nations (FAO) will give a presentation on the current impact of the war in Ukraine on global food markets.

The European Parliament is also considering the economic consequences of the EU countries. Their economic outlook has been sharply revised after the Russian invasion, while many countries thought they would bounce back after two years of corona.

The European Commission now expects growth of 2.7% for this year, a decrease of 4% compared to less than three months ago. Complete cessation of Russian gas imports will cut growth by another 2.5% to near zero.

The EU countries have not yet agreed on a sixth package of sanctions against Russia. A small group of countries led by Hungary resist a full-blown oil embargo.

The European Commission proposed a full-scale oil and gas blockade in early May to increase economic pressure on Russia, partly at the urgent request of the European Parliament. 

Countries such as Hungary, the Czech Republic and Slovakia were given more time to reduce their heavy dependence on Russian oil. These countries have no seaports and cannot easily switch to liquefied natural gas (LNG) in the short term.

In the Petitions Committee, the refugee situation in Ukraine is discussed with Carlo Olmo of Avocats Sans Frontières. Europoliticians are discussing a Ukrainian petition calling for the establishment of humanitarian corridors and the provision of EU-wide identity cards for refugees.

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