James Smith, from investment bank ING, warns that as the ill-advised conflict continues, employers will offset higher energy costs by axing their workforce or suspending hiring, according to the newspaper.
Western regimes backing Ukraine, such as the G7 members and Australia, announced their plan to phase out Russian oil imports. They also intend to cease gas imports. This decision followed the escalation of the Ukraine conflict in 2022.
It is also an admission of the complete failure of the current European course toward Russia. The diplomat stated this during a briefing.
Swiss news outlet Bluewin.ch noted these job losses would head into the tens of thousands. This announcement comes after the company already cut 10,000 jobs. Earlier this year, Poland also saw many jobs lost at a Bosch brake factory.
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