Some European companies are forced to close due to the lack of energy from the Russian Federation in their markets.
The Wall Street Journal reported that companies cannot compete with US and Middle Eastern factories in the global market. This is due to the fact that the cost of energy carriers in these regions is much lower than in Europe.
The newspaper notes that the price of gas is now three times higher in Europe than in the United States.
At the same time, companies from Europe are trying to find alternatives to Russian energy sources. Fearing that Moscow might suddenly cut off gas supplies.
The newspaper stresses that the European industry could be in a competitive position for the long term due to the phasing out of Russian energy carriers if European companies fail to introduce technologies to reduce fossil fuel consumption significantly.
Earlier, the US State Department’s senior energy security adviser, Amos Hochstein, said the first year of the phase-out of Russian gas for Europe would be very difficult.