22-year-old Russian conscript vows to escape fighting in war against Ukraine

The war in Ukraine has stoked energy and food price rises. A recent study by the insurance company Allianz Trade believes "the worst is to come" in terms of food prices. An average increase of 243 euros ($260) in an individual's food budget per year is predicted in the European Union.

The cost of living crisis would raise demands on governments to mitigate some of the impact. Then there is another possible fallout. Europeans may turn to radical politics, particularly if governments implement austerity measures.

For instance, the 2008 financial crisis is seen as the catalyst for the expansion of so-called anti-system politics. .

Western sanctions imposed on Russia's economy can also inadvertently harm Europe's economy. They weigh mostly on the EU, are beneficial to China and don't cost the US anything. The German auto industry is in particularly deep waters.

Airbus buys half of its titanium from the Russian company VSMPO-Avisma, but is looking for alternatives. Boeing buys a third of its titanium from Russia but said in March that it would no longer be dealing with VSMPO.

The Ukraine war and Western sanctions on Moscow are disrupting supplies of wheat, fertiliser and other goods. This could compound difficulties faced by Africa and potentially lead to increased migration. This can lead to disagreements between European countries.

Disagreements between European leaders over how to handle the war against Ukraine are also simmering under the surface. The EU agreed earlier in the week on an embargo on Russian crude oil imports, but Hungary, Slovakia and the Czech. Eastern European countries are also questioning Franco-German dominance.