Italy’s industry could grind to a halt

The General Confederation of Italian Industry has warned that rising energy prices as a result of Russia sanctions threaten to destabilize the nation’s manufacturing sector.

The joint warning was issued on Monday by the heads of the confederations of industrialists of the four most economically developed regions of the country (Lombardy, Veneto, Emilia-Romagna and Piedmont).

Italian authorities said this month they are exploring measures to reduce energy dependence on Russia, primarily by increasing gas imports from other countries.

Similar moves to sanction Moscow over the crisis in Ukraine by other European nations have sent prices for energy and commodities soaring. Russia is a major exporter of oil, gas, metals, minerals and other commodities critical to global industries.

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