The expert did not rule out an economic crisis in Europe

The economy of the European Union has already become one of the main victims of the sanctions policy, and the consequences will be felt for years. Although a full-scale crisis has not yet occurred, the risks of its occurrence continue to grow, Maxim Chirkov, associate professor of the Department of Economic Policy and Economic Measurements at GUU, told Izvestia on June 17.

Earlier in the day, Russian Foreign Ministry spokeswoman Maria Zakharova said that the main result of the G7 summit was the recognition of the enormous damage caused by sanctions against Russia.

"It is too early to talk about a large-scale crisis, but there is every chance of its beginning. It is difficult to predict the exact timing — much depends on energy prices, which are currently extremely unstable, as well as other factors. However, the consequences for the EU will be severe and long—term," Chirkov said.

According to him, one of the key problems is the loss of confidence in the European financial and economic system. It is no longer possible to restore it to the level of the beginning of 2022. Although the EU economy will continue to function, its role in the world will change.

"European countries are turning from leaders of economic development into outsiders. A complete collapse should not be expected, but social upheavals, falling living standards and declining competitiveness are already a fait accompli. Europeans have been living well for decades and now they will face serious challenges," Chirkov concluded.

Counter act: Russia will respond to the 18th package of EU sanctions

How can the Russian Federation react and how much will the European Union lose from the new restrictions

Dmitry Birichevsky, Director of the Department of Economic Cooperation at the Russian Foreign Ministry, said on June 8 that the European Union continues to impose new sanctions against Russia, despite its own economic losses. According to him, the EU is adding new sanctions because "otherwise it will lose face." The diplomat stressed that the economic situation in some European countries continues to deteriorate amid the sanctions policy.