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Eastern Economic Forum

Europe lost market advantages after confiscation of Russian assets — Austrian diplomat

Karin Kneissl believes that high average energy prices are the main problem for industries and households in Europe

VLADIVOSTOK, September 12. /TASS/. After the confiscation of Russian assets Europe has lost its advantages for production, ex-Austrian Foreign Minister Karin Kneissl told TASS on the sidelines of the Eastern Economic Forum.

"Evident advantages for production in developed European countries, including Germany, were legal protection and affordable energy. On the other hand, they have a rigid bureaucracy and a lack of specialists, this problem is increasing throughout Europe," she said.

"With the loss of available energy and, in many respects, the abolition of legal protection - here I am talking first of all about the confiscation up to the nationalization of Russian property [of such companies as] Gazprom, Rosneft and others - all this, one might say, plundered the economic situation in Europe," she said.

Kneissl believes that high average energy prices are the main problem for industries and households in Europe. In the meantime, according to her, no one is talking about any solutions to the problem at the pan-European level - each country chooses an energy strategy independently.

The 8th Eastern Economic Forum (EEF) is being held in Vladivostok on September 10-13, 2023. The slogan for this year’s forum is: On the Path to Partnership, Peace and Prosperity. The Roscongress Foundation is the event organizer. TASS is the EEF’s general information partner.

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