Europe feels the pain as the Kremlin war drags on, but, in the long run, Russia will pay a heavy price
Across Europe, signs of distress multiply as Russia’s war in Ukraine drags on: Food banks in Italy feed more people, German officials turn off air conditioning as they prepare plans to ration natural gas and restart coal plants. Key points: Just as Europe is recovering from the pandemic, its economic future looks uncertain as Russia’s war in Ukraine continues Meanwhile, high energy costs, fueled by the war, benefited the Kremlin and kept the ruble But in the long run, economists say, Russia will pay a heavy price for its war A giant utility is asking for a taxpayer bailout, and more to come. Dairy companies wonder how they are going to pasteurize milk. The euro has slumped to a 20-year low against the dollar, and recession predictions are on the rise. Those pressure points are signs of how the conflict — and the fact that the Kremlin is gradually suffocating the natural gas that keeps industry humming — is provoking an energy crisis in Europe and increasing the likelihood of plunging