Former governor of the Bank of Portugal, Vítor Constâncio, has warned that sanctions against Russia will “greatly affect” European economies and plunge the continent into recession.
“If Russia invades the whole of the Ukraine there will certainly be a recession in the case of an implementation of the full package of sanctions,” said the economist, who was also a former vice-president of the European Central Bank, on Twitter.
“The full package of sanctions will cripple Russia’s economy, but it will greatly hurt the West economies, mainly in Europe. Will European unity stand for the full sanctions?” he asks.
