The European Union should apply import tariffs, instead of imposing an embargo.

The Russian war on Ukraine has already reduced growth and increased inflation in the European Union and worldwide. Current growth forecasts remain too positive and 1970s-style ‘stagflation’ can be expected in the EU.

According to different studies, an embargo on Russian gas imports would lead to recession in Germany, with a reduction in gross domestic product this year of anything from 0.3 to 6 per cent, compared with prewar growth forecasts for 2022 of 3-4 per cent. Other EU countries such as Austria, even more dependent, could be even more affected.

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