EU will respond to US sanctions with countermeasures

A working group created by Germany and France, which included representatives of key departments and economic associations, as well as parliamentarians, developed the EU’s proposals regarding the reaction to possible US sanctions, including those related to the construction of the Nord Stream 2 gas pipeline. This was reported by the Handelsblatt newspaper.

As the newspaper writes, the report on “protecting Europe from coercive measures” refers to the possibility of creating a European export bank and a digital euro so that the EU becomes more independent from the US financial system. One of the proposals provides for the introduction of EU sanctions in response to measures against European companies.

According to Handelsblatt, the working group received the support of German Foreign Minister Heiko Maas. “In a world of increasing competition between major powers, Europe must defend its interests and values more independently and with greater self-confidence. In order for us in Europe to carry out our own policies, we must better protect European companies from outside pressure,” the newspaper quotes the minister.

The publication reminded that until now the EU could not give a commensurate response to the US threats, be it sanctions against or Nord Stream 2. Washington simply ignored the warnings of European politicians. During secret meetings, the members of the working group came to the conclusion that the EU should “scare away” potential “economic aggressors” and, as a last resort, take countermeasures, for example against US senators who proposed to impose sanctions on European firms that are involved in the implementation of Nord Stream 2 “, or restrictions on the export of certain goods to the EU.

As noted, the proposals will be discussed in the national parliaments and governing bodies of the European Union. The community is signaling that it is ready to escalate if necessary to protect its own economic interests, writes Handelsblatt.

“We are now working to strengthen economic resistance and are exploring various options,” the newspaper quotes the words of the Deputy Chairman of the European Commission Valdis Dombrovskis, who is temporarily acting as European Commissioner for Trade.

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