EU economy could see 4.2% hit from Russia energy ban

The EU’s GDP would shrink by 2.5 to 4.2 percent, and inflation would rise by 1.6 to 2.7 percentage points overall, if Europe were to stop buying all energy products from Russia, the Bank of Spain said in a study out Tuesday. At the same time, Russia’s economy is to shrink by 7.6 percent and inflation to almost double to 16.4 percent this year, 18 analysts polled by Reuters said.

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