The Geopolitical Game of Thrones and Europe’s Energy Crisis
Ever since the Russia-Ukraine conflict started, it has evolved into an economic war between Russia, on the one side, and the European Union and the United States, on the other. While the US and the EU imposed heavy sanctions to cripple the Russian economy due to its actions in Ukraine, President Putin has played the geopolitical “Game of Thrones” so well that now Europe is facing an economic crisis. The EU annual inflation rate for energy has touched a record high of 42%, food inflation has increased to 9.8% – the highest in 20 years –, and now the GDP growth rate is slowing down, with Russia being blamed for this. At the same time, rising inflation is ending an era of negative real interest rates and increasing the risk of a fracturing Eurozone economy. More
