UK facing ‘economic collapse’ after imposing crippling Russian sanctio
THE UK is facing the possibility of "economic collapse" as a result of Western sanctions against Russia following its invasion of Ukraine.
UK facing ‘economic collapse’ after imposing crippling Russian sanctions, warns Tory MP
THE UK is facing the possibility of "economic collapse" as a result of Western sanctions against Russia following its invasion of Ukraine.
By SEAN MELEADY01:32, Tue, Mar 8, 2022 | UPDATED: 01:33, Tue, Mar 8, 2022
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Boris Johnson discusses EU's 'addiction' to Russian oil and gas
Sir Alan Duncan, deputy at the Foreign Office under Boris Johnson, warned the sanctions on Russia could cause gas prices to rise even more. He also argued that sanctions designed to hurt Russia economically could have a negative impact at home.
He said: “There is this auction of indignation, which all of us totally understand, against anything to do with Russia.
“So, they ban this, ban that and ban everything, but in the end, we’re going to end up banning our own supplies.
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We, of course, want to disadvantage Russia as an essential tool of war.
“But we don’t want to disadvantage ourselves so that we fall into some kind of dystopian economic collapse.
“We are on the edge of that.”
Sir Alan suggested that the UK could buy gas from subsidiaries of Russian energy giant Gazprom, which have yet to be sanctioned.
He said: “Now, for instance, there are subsidiary companies of Gazprom.
“Which are not sanctioned, which are not incorporated in Russia, which are incorporated in one case in the UK, which are essential to the smooth flowing of gas.”
