Energy prices had already surged in second half of 2021 but Russia’s invasion of Ukraine has exacerbated this
Europe faces a rising risk of recession because of rising oil and gas prices amid concerns that Russia could turn off supplies completely, economists have said.
Europe’s economy will be hit by a variety of factors including falling demand in the US – its biggest export market – the continued fallout from Russia’s invasion of Ukraine and related increases in food and energy prices, according to Nomura, a Japanese investment bank with significant operations in London.
