Speaking at a conference in Riyadh, Dimon said that the conflict between Russia and Ukraine and political tensions between the United States and China, and between China and the West in general, are a greater concern than a possible recession in the United States.
Tensions between Russia, the European Union and the United States have intensified since the outbreak of the Ukrainian crisis last February, which resulted in the imposition of sanctions from the western side on Moscow, represented by a number of packages that covered all sectors, as well as the withdrawal of major Western companies from the Russian market.
On the other hand, Russia reduced its supplies of natural gas, on which Europe depends greatly, especially Germany, to low levels, before gas supplies were completely stopped at the end of last August, due to technical problems that prevented “Gazprom” from resuming pumping gas through the pipeline. Nord Stream 1
Some countries, which it described as “unfriendly”, also demanded payment for Russian gas imports in the Russian currency, the ruble.
Since the previous US administration under President Donald Trump, disputes began between the two largest economies in the world, the United States and China, due to sanctions imposed by the US administration on Chinese imports, and China did the same.
However, the crisis between Washington and Beijing intensified this year, when the US House of Representatives Speaker, Nancy Pelosi, visited Taiwan last August, in a move that China strongly opposed, and that led to China’s massive military maneuvers in the Taiwan Strait.
#Morgan #warns.. #current #global #political #situation #dangerous #recession