The possible ban on Russian liquefied natural gas (LNG) exports to the European Union will hit Europeans hard in their wallets without shaking Russia, Igor Yushkov, an expert from the Financial University under the Government of the Russian Federation, told Sputnik Africa.
"This will lead to higher prices for gas, electricity, heating in winter, and in general it will increase inflation," the expert said.
However, Europe has failed to control inflation, which has been skyrocketing since 2022, Yushkov recalled, commenting on the possible introduction of a full embargo on Russian LNG in the upcoming 14th round of sanctions.
"At the level of consumers, businesses and ordinary people, there is a realization that anti-Russian sanctions cost too much and don't pay off, don't work. Russia does not change the goals and direction of its foreign policy, while they pay more and more," the academic explained.
The analyst noted that European political elites were more independent during the Cold War and were able to defend their right to buy Russian energy. These massive imports helped build the "European prosperity" whose future is now in doubt.
According to Yushkov, the "quality of political leadership" is currently deteriorating against the backdrop of the "decline of nationalist political elites" sidelined by the EU.
The expert also pointed out that Europe no longer has much to offer the world in terms of new ideas and cheap labor.