LAST UPDATE: 14:29
French Finance Minister Bruno Le Merre said on Sunday that he hoped the current “shock” of energy prices on inflation rates would last a few months and that he did not see a multi-year inflation spiral in the European Union economies, Reuters reported.
“I can not give an exact date, it may be during 2023,” Le Merre said, adding that energy prices would return to more reasonable levels when Europe cuts off gas and oil imports from Russia. “I do not think we have entered an inflationary spiral.”
The French finance minister also said that Western sanctions had hit the Russian economy and President Vladimir Putin.
Le Mer also noted that sanctions on Russia in the energy sector are still on the table.
“Should we immediately stop buying Russian oil, should we stop importing Russian gas a little later? The president has never ruled out these options,” Le Mer added.
Source: Capital
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