The United States must take a tougher stance in the international arena “against all forms of evil.”
Jamie Damon, CEO of JP Morgan, the largest bank in the United States, called on the Joe Biden administration to respond adequately to new geopolitical realities and take a tougher stance. In an annual address to investors, he warned that the US bank could lose up to $ 1 billion due to risks to Russia.
“As I write this, the war in Ukraine has been raging for over a month and is creating a significant refugee crisis. We do not know what will happen in the end, but military action in Ukraine and sanctions against Russia already have significant economic impact. They have shaken the world's markets for oil, raw materials and agricultural products, “wrote Jamie Damon.
, and the United States must act decisively.
“We must resist Russia's challenge with bold decisions,” he said. “The war in Ukraine is likely to affect geopolitics and not rule out a potential restructuring of the global order.” p>
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With rising fuel prices in Europe, Jamie Damon is urging the US government to develop a Marshall Energy Plan for partners to help reduce their dependence on Russian energy. In particular, he mentions the Harry Truman program of 1948, aimed at helping European countries to overcome the effects of World War II.
“Our European allies, who are heavily dependent on Russian energy, need our help,” wrote JP Morgan CEO. – As we see – and we know from past experience – oil and gas supplies can be easily disrupted physically or through additional sanctions, which will significantly affect energy prices. National security requires energy security for ourselves and for our allies abroad. “
Read also: JP Morgan predicts that Russia's economy will collapse more than in 1998- In particular, Jamie Damon called for an increase in the United States military budget and a stronger military presence on NATO's borders. JP Morgan analysts have become more pessimistic about US and European economic growth forecasts. In 2022, instead of the expected 4.5%, GDP in Europe is likely to grow by only 2%, and in the United States instead of 3% by only 2.5%.
We will remind, after the civilians found in Bucha, executed by the Russian military, the European Union prepares a new package of sanctions against Russia. It includes restrictions on aviation, metallurgy and a ban on the export of luxury goods, but does not include an embargo on Russian fuel and energy.
