DISINFO: The West caused a global economic storm - energy crisis
SUMMARY
A large global storm is coming as a result of the completely illogical and often absurd decisions of the US, Europe and the EU. The sanctions against Russia backfired, which led to high energy prices for the West and record inflation. Meanwhile, Russia has been maintaining macroeconomic stability.
RESPONSE
This is a recurring pro-Kremlin disinformation narrative about sanctions in the context of the unprovoked invasion of Ukraine. The Kremlin has long claimed that Western sanctions backfired. The claim was neither counterbalanced nor critically challenged in the article.
Russia has been using energy as a political and economic weapon several times against other states. Russia is no longer a stable and reliable supplier and while Europe is indeed facing an energy crisis with diversification to other sources, it is still set to grow this year according to the European Commission's summer 2022 forecast, while Russia's economy is set to contract by 6% in 2022.
A Russian internal report assessed that the sanctions might set the country back substantially, especially sectors that the Russian economy have relied on in the past, such as the oil, gas, metals sectors, as well as chemicals and wood products. Massive international disvestment, braindrain and logistical bottleneck are visible. Crucially, Russia is having significant issues acquiring high-tech chips that are required for its precise weaponry, so it needs to use older stock of Soviet weapons.