- Trump shooting: Secret Service admits complacency
- Can an ambitious Milei make Argentina an AI giant?
- Haiti, its suffering growing, in 'race against time': UN expert
- Ibrahim Aqil, the Hezbollah elite unit commander wanted by the US
- Chinese forward Cui signs NBA contract with Brooklyn Nets
- US Fed dissenter calls for 'measured' pace of rate cuts
- Guardiola tells players to lead change over workload as Kompany demands cap on games
- Norway limits wild salmon fishing as stocks hit new lows
- Top Hezbollah commander killed in Israeli strike on Beirut
- Rotterdam fatal knife attacker suspected of 'terrorist motive'
- First early votes cast in knife-edge US presidential election
- Top-ranked Swiatek out of Beijing due to 'personal matters'
- Hard-right Reform UK looks to the future after vote success
- Embiid agrees to NBA contract extension with 76ers
- Joshua aims to complete road to redemption in Dubois bout
- World champion Bagnaia sets pace with lap record at Misano
- Biden says 'working' to get people back to homes on Israel-Lebanon border
- Pope criticises Argentina's crackdown on protesters
- Court limits screenings of videos in France mass rape case
- Gurbaz century takes Afghanistan to 311-4 in 2nd ODI
- Central banks face 'difficult balancing act': IMF chief
- McLaren's Norris sets Singapore pace as struggling Verstappen 15th
- Guardiola tells players to lead change over workload fears
- Paris Olympics sports equipment moves to new homes
- 'Happy' Kinghorn relishing life at Toulouse
- Norris sets Singapore pace as Verstappen only 15th
- 8 dead in Israeli strike, source says Hezbollah commander killed
- Germany to bid to host women's Euro 2029
- Portugal brings deadly forest fires under control
- Postecoglou defends Solanke after slow start to Spurs career
- US nuclear plant Three Mile Island to reopen to power Microsoft
- Arteta urges Arsenal to take next step in Man City showdown
- Stock markets fall after Fed-fuelled rally
- Top Hezbollah commander 'killed' in Israel strike
- Poland charges Russian over attack on Navalny ally: prosecutors
- Man City have rest 'advantage' in Arsenal showdown: Guardiola
- Maresca has 'no doubt' in Jackson as Chelsea's number nine
- EU chief announces 35 bn euro loan plan for Ukraine before winter
- From TikTok to Hollywood, the irresistible rise of Italy's Khaby Lame
- Verstappen punished for swearing in Singapore press conference
- Sri Lanka lead by 202 in first New Zealand Test
- Brook 'not too fussed' by England's batting in heavy Australia loss
- India's Ashwin 'happy' to embrace pressure
- A modern 'Trojan Horse': two days of mayhem in Lebanon
- Third of Burundi mpox cases in children under five: UN
- Man Utd appoint Foster + Partners to develop Old Trafford 'masterplan'
- Israel-Hezbollah exchanges intensify on Lebanon border
- French mayor sorry for 'no one died' remark over mass rape trial
- Mohamed Al-Fayed, outsider shunned by British high society
- Lawyers say 'monster' late Harrods owner abused dozens of women
RBGPF | 5.79% | 60.5 | $ | |
CMSC | 0.04% | 25.13 | $ | |
CMSD | 0.16% | 25.05 | $ | |
RYCEF | 0% | 6.95 | $ | |
BCC | -2.61% | 141.01 | $ | |
NGG | 1.18% | 69.65 | $ | |
RIO | -2.44% | 63.625 | $ | |
RELX | -0.36% | 47.955 | $ | |
JRI | -0.56% | 13.325 | $ | |
SCS | -3.46% | 12.865 | $ | |
VOD | -0.6% | 10 | $ | |
GSK | -1.97% | 40.815 | $ | |
AZN | -0.73% | 78.325 | $ | |
BCE | -0.85% | 34.895 | $ | |
BTI | -0.39% | 37.425 | $ | |
BP | -0.26% | 32.675 | $ |
Nobel laureate Stiglitz calls on Europe to do without Russian gas
Nobel economics prize laureate Joseph Stiglitz said Tuesday that the speed and intensity of economic and financial sanctions against Russia would make them efficient but warned Europe must stop buying Russian oil and gas.
He said that Moscow's ability to conduct the war in Ukraine would be impaired by the repercussions from sanctions on its economy.
"They've lost an enormous amount of military equipment... that they will need to replace," he told AFP in an interview on the sidelines of a conference in Paris on Europe's future.
Whether Russia has the manufacturing and financial capacity is, however, "really questionable", he said.
A major element in the potential success of sanctions is their "rapid imposition", he added.
"I think it is important because when you notch it up gradually, they can adapt."
Washington and its EU allies have imposed unprecedented economic sanctions on Russia in response to Moscow's military onslaught against its pro-EU neighbour.
But it's hard to know whether the impact of the sanctions on the Russian people and oligarchs could push President Vladimir Putin into easing his position on Ukraine and its invasion, Stiglitz said.
"There is a massive misinformation propaganda, so that ordinary people are blaming not him but the West" for the sanctions they face, he added.
The academic, who was a senior economic adviser to US president Bill Clinton in the 1990s, also said that Europeans should stop gas and oil purchases from Russia that help Moscow finance the war.
To compensate, he suggested a system of "sharing the burden" among European countries that rely on Russian gas.
Although the United States has decided to block all imports of Russian oil and gas, some European countries such as Germany and the Baltic states which import Russian gas don't have an alternative in the short term.
"There is enormous pressure we should put on Saudi Arabia, Abu Dhabi, the UAE, and relax sanctions against Iran and Venezuela, and get their oil," he said.
"There is a priority here."
The conflict and sanctions have driven up inflation, especially energy and raw materials prices, but Stiglitz said concern about inflation was "out of proportion".
"From a political point of view, it is an issue," he said.
"But from an economic point of view, actually, in a world where you have a lot of economic transformations going on... high rates of inflation actually facilitate economic transformation."
H.Seidel--BTB