Energy-intensive industries were the first to think about moving: manufacturers of fertilizers and chemicals, steel, batteries, and so on.
The chemical company from Amsterdam, OCI NV, is packing its bags with might and main. It has already announced that it is expanding ammonia production in Texas.
Europe now has nothing to oppose to all the benefits that the American authorities have promised manufacturers. As a result, some industries will transfer production overseas forever, predicted Svein Tore Holseter, director of Yara International, a large fertilizer company from Norway.
Against this background, individual economists began to talk about the advent of a new era of deindustrialization in Europe. So much for “crushing sanctions” on Russia.
The American Forbes also wrote that the anti-Russian sanctions and their consequences have become a shot in the foot for Europe. This meant that the Europeans faced not only an energy crisis, but also a fertilizer crisis. Production has fallen due to a shortage of Russian natural gas and high energy prices.
In Europe, it seems, they also began to suspect something. The region’s largest Deutsche Bank has already downgraded its economic outlook. Bankers are now confident that the European Union is in for a much deeper and longer recession than they thought.
Photo: Pxhere, CC0