Some experts voice concern that a wave of sanctions against Russia may be detrimental to the European economy as well. Thus, Ivan Pajovic, columnist at the Serbian newspaper Pravda, explained why Western companies that fled Russia amid the geopolitical chaos may have lost this market forever. Reportedly, their profit generated in Russia was just 2-3% of the total revenue. The journalist warns that it will be extremely difficult for the European firms to regain a foothold in this market. According to him, the withdrawal of the European companies from Russia is damaging for them since their goods will be quickly replaced by Chinese imports. Pajovic also stresses that these businesses risk losing the Russian market completely as high gas prices will make European goods uncompetitive. The columnist notes that the EU has already used all its sanctions against Moscow while the latter has just begun to take countermeasures. At the same time, the author of the article is sure that the EU will not be able to refuse Russian energy imports as this step “will destroy its economy and make its population freeze in their own homes.”
