MOSCOW, April 15. /TASS/. Sanctions policy can lead to the cost-of-living increase in the EU and the US, as well as to mass unemployment, Russian Deputy Prime Minister Alexander Novak wrote in an article for the Energy Policy magazine.

Already now Europe sees a decline in industrial production, tens of thousands of employees of enterprises are unemployed, he noted.

"A number of companies are already reducing production, others are completely stopping it. Thus, tens of thousands of employees of enterprises are unemployed. That means that already now citizens and industry are forced to pay for the sanctions policy of the West," he wrote.

"Some experts predict inflation to rise to 7%. All this will generally lead to a slowdown in global economic growth. In addition, shortages and rising prices for fuel and electricity, provoked inflation, can lead to a further increase in the cost of living in the EU and the USA, and as well as mass unemployment," Novak said.

According to him, representatives of key European industries have sent a letter to the European Commission with a demand to stabilize energy markets. The Association of German Trade Unions believes that banning energy supplies from Russia will lead to serious economic and social consequences throughout Europe, causing irreparable damage to value chains and reducing level of employment, Novak added.