Pro-Kremlin narrative on the energy crisis in Europe and economic difficulties amid the unprovoked Russian invasion of Ukraine. This narrative plays into the Kremlin's claims that the West is collapsing. The Kremlin seeks to pressure and blackmail European governments and create public panic over energy insecurity / energy costs.
The EU will not become de-industrialised because of high energy prices caused by Russia's decision to cut gas supplies to Europe.
Despite the Kremlin's decision to limit gas supplies to Europe and the effects of Russia's unprovoked aggression against Ukraine, the EU economy is recovering from the crisis created by COVID-19. For instance, a growth rate of 2.6% for 2022 is expected in the recent forecast published by the European Commission. Inflation is assumed to reach 7.6% on average.
Eurostat, the statistical office of the EU, indicates that, in the 2nd quarter of 2022, GDP in the Eurozone was up by 0.8%, employment increased by 0.4%. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 4.1% in the euro area and by 4.2% in the EU in the second quarter of 2022.
The European Investment Bank estimates that real economic growth in 2022 will be below 3%, which is just 1% below the forecast at the beginning of the year. It also stresses that EU Member States will have to deal with rising prices for households and industry, trade disruptions, etc. Nevertheless, the EU is in a good position to avoid recession and economic downturn.
So far, the EU adopted so far six sanction packages against Russia due to its illegal aggression and occupation of Ukrainian territories. Not all trade restrictions are enforced yet as the energy sector needs longer transition periods. So it is too early to assess the full effect of the sanctions. However, it is incorrect to state that the Russian economy will be barely affected or would even benefit from the sanctions. The Russian leadership is constantly demanding the sanctions be removed.
See similar disinformation cases alleging that Europe is collapsing: EU sanctions are hurting Europe more than Russia; sanctions imposed by Washington and Brussels are pushing Italy to economic suicide; Western sanctions are the cause of inflation.