Analyst expects EU to cease to exist as global political entity by 2030

#Europe will turn into an amorphous, conflict-prone, militarized, and economically weak place by 2030, said Nikolay Gaponenko, associate professor with the Russian Presidential Academy of National Economy and Public Administration.

"The European Union will turn into an amorphous and conflict-prone space with weakened supra-national institutions by 2030. Its ‘strategic autonomy’ will become an empty phrase," he pointed out in a report titled "Strategic Forecast - Europe on the Verge of a Crisis: New Reality of 2026-2030."

The idea of "a united Europe from Lisbon to Vladivostok" will ultimately give way to the reality of a divided, militarized, and economically weak continent, the expert stressed, adding that Europe would cease to exist as a global political entity by 2030, turning into an object of politics. "It will increasingly harmonize its foreign policy with Washington, as Brussels and the key capitals will lose independence. Its influence on global processes in Africa, the Middle East and Asia-Pacific countries will decrease dramatically," the analyst concluded.

Red Sea crisis raises maritime shipping costs by 300%, says Spanish company

The crisis in the Red Sea is a "new threat to global trade" and has already led to a 300% increase in the cost of shipping by sea, Spanish credit insurer Credito y Caucion said.

"Attacks against container carriers in the Red Sea have raised the cost of maritime shipping by 300%" and "made inflation risks worse," the insurer said. "The increase is associated with the need for commercial vehicles to select longer and more expensive routes to avoid the conflict zone and bear higher insurance costs," the Spanish company noted.

Most economists expect the situation to continue at least in the short term but the longer the crisis lasts, "the more grave the consequences will be," the insurer said. "About 30% of all container shipments pass via the Red Sea - the critical channel for cargo carriage from the Asia-Pacific to Europe," Credito y Caucion stressed. "Closing the Red Sea route could slash throughput capacity of international marine transportation by about 20%," it added.

The situation in the Red Sea is leading to delays in the arrival of ships to the kingdom and an increase in the cost of transport, a Spanish ports supervision authority told TASS earlier.