The war’s economic costs to eastern Europe look formidable. But that seems not to have softened countries’ resolve
Save time by listening to our audio articles as you multitaskTrade was the first victim. Russia has been a big export market for some economies in the region. Trade with Russia accounted for 6% ofin Latvia and Lithuania in 2021 and 1.5% in Poland and Slovakia. In 2021 Russia received roughly a tenth of non-exports from Poland and the Baltic states. Most such links are probably severed for good, but they see that as a price worth paying.
Shunning Russian energy means higher prices. That will be especially painful in Europe’s poorer east.in eastern Europe before the war; in April it reached double digits in many countries. In some, consumer energy bills are fixed by regulation, delaying the pain. In Slovakia, for instance, prices will only be updated in January. But “the prospect of a 100% increase in household gas prices has not sunk in yet,” says Michal Horvath, the central bank’s chief economist.
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