Chris Weafer, CEO at Macro-Advisory, discusses Europe’s energy crisis and says a Russian gas cut-off would have “severe economic consequences” in Germany.
Russia’s economy contracted in the second quarter – the first full three months since the country’s invasion of Ukraine – and economists are divided over whether it can continue to weather the onslaught of international sanctions in the long term.
VIDEO: Chris Weafer, CEO of Macro-Advisory discusses the severe economic sanctions Russia may face as the country invades Ukraine, and the possibility that it will be cut off from the Society for Worldwide Interbank Financial Telecommunications.
Russia’s ruling party, United Russia, appears to have retained its majority in weekend Duma elections, cementing its control of parliament and bolstering President Vladimir Putin’s power base.
Speaking to CNBC’s “Squawk Box Europe” on Thursday, Chris Weafer, suggested three “critical factors” were set to have the greatest influence over crude futures this year.