Fuel prices could rise again in Ireland as sanctions against Russia take a toll across Europe.
The suspension of the Nordstream 2 pipeline by Germany will likely lead to price inflation, according to the Taoiseach.
The Taoiseach says the situation on fuel prices in Ireland "could get worse" now after the Nordstream 2 pipeline postponement
— Seán Defoe (@SeanDefoe) February 22, 2022
Former Russian President Dmitry Medvedev tweeted to say the move would lead to Europeans paying €2,000 for a thousand cubic metres of gas.
@benfinnegannews Explainer: Why is Russia seemingly trying to invade Ukraine? #news #fyp #foryou #foryoupage #ukraine #donbass #donetsk #luhansk #crimea #kyiv #russia #ireland ? original sound - benfinnegannews
Taoiseach Micheál Martin says prices here in Ireland will likely be hit by the latest international events:
"All sanctions will have impacts. We would much prefer not to be in this situation. This is a situation that Europe never wanted to be in, particularly coming out of the pandemic.
"This is the last thing the European continent or the world needs. Sanctions will have impacts, it will have greater impacts on some countries more than others."
@benfinnegannews Reply to @staceyturtle Putin makes a move on Ukraine #news #fyp #foryou #foryoupage #ukraine #russia #donetsk #luhansk #moscow #army #soldier ♬ original sound - benfinnegannews
While speaking on the Last Word on Today FM, Dan O’Brien, Chief Economist at The Institute of International and European Affairs and Columnist with The Business Post said:
"There's also the problem for Europe of counter sanctions, which the Russians are clearly signalling there will be.
"And the vulnerablility for the west, particularly the EU is energy. We get about 40% of our imported gas from Russia and a quarter of our imported oil.
"Russia is by far the biggest supply of those two fossil fuels to Western Europe and that is a vulnerability if they decided to cut off - which would cost them dearly as well."
But if they were to turn off the taps that is something that could have an economic impact on Western Europe and in fact, the only really big economic impact there could be."