MOSCOW, April 22 (RIA Novosti) – Sanctions against Russia will have serious economic and political consequences for European Union members, President of the European Parliament Martin Schulz said in an interview published by Le Parisien on Tuesday.
“In case of sanctions against Russia, we should prepare citizens of EU states to the fact that such measures will have certain influence on our economy: European energy tariffs will grow and European investment will be blocked in Russia,” he said.
When asked about Europe’s handling of the crisis in Ukraine, the official replied that the union did what it should.
The Western countries have already introduced targeted sanctions against Russian politicians and businessmen, while warning of serious economic consequences for Moscow over its policies toward Ukraine. The West has refused to recognize Crimea’s reunification with Russia.
In a non-binding resolution adopted last Thursday, the European Parliament called on the EU authorities to immediately impose sanctions on Russian energy providers in the European market.
The European Parliament has also urged to freeze the construction of the South Stream gas pipeline, which serves to ensure the supply of the Russian gas to Europe, bypassing Ukraine.
The resolution also stressed "the urgent need for a common energy security policy to reduce the EU's dependence on Russian oil and gas, including diversification of energy supplies, the full application of the third energy package and the capability to suspend the import of gas in case of need."
Russia has repeatedly said that the language of sanctions was both inappropriate and counterproductive.
