He added that the coercive measures applied against Moscow over the war in Ukraine has generated this uncontrolled increase and reduced the supply of raw materials in the community market.
Gentiloni pointed out that the conflict exacerbates supply chain disruptions, both due to lack of raw materials and rising prices.
Explicit embargoes, implicit prohibitions (such as restrictions on access to Swift) and trade measures impact both prices and the goods that are traded, he pointed out in a speech at the University of Oxford, broadcast here.
As an example, he pointed to the two largest shipping companies in the world, Maersk and MSC, which suspended operations in Russia.
He also referred to the decision to close the airspace of the Slavic nation, which will increase the costs of shipments by that route between Europe and Asia, and could lead to the disruption of trade routes.
The Commissioner for the Economy explained that the upward spiral in energy prices will imply increases in inflation, which rose 5.9 percent in the euro zone in February, compared to 5.1 in January, due to an increase of 32 percent cent in energy prices.