Watch: Maltese Economist Warns Sanctions-Induced Nickel Shortage Could Cause Hip And Knee Replacement Issues
Maltese economist Clint Flores has warned that a shortage of nickel and titanium stemming from sanctions against Russia could lead to delays in orthopaedic surgeries like hip and knee replacements.
Flores first made his argument during a recent episode of Realta’, warning that a number of European hospitals are already postponing operations due to a supply shortage.
Speaking to Lovin Malta, Flores noted that the UK recently imposed sanctions against Vladimir Potanin, a key shareholder in Norilsk Nickel, the world’s largest producer of refined nickel.
He said that although Potanin hasn’t been sanctioned by the EU, the UK’s move could well have wide-ranging global ripple effects and lead to changes in economic and market patterns, drawing parallels with disruptions in Russia’s gas supply to Europe despite a lack of sanctions on gas.
“Nickel prices have soared and markets like China and India are set to benefit from an increase in supply by Russia,” he said, warning that it is not in the West’s best interest to push these two countries closer together.
“Russia has a role to play in international affairs, especially in Central Asia,” he said. “The EU was founded to keep peace and share wealth between nations and hence avoid wars, same with Russia. If Russia doesn’t take a piece of the cake it will carry on destabilising.”
Flores suggested that former German Chancellor Angela Merkel was well aware of this dynamic and intentionally maintained international trade peace with Russia to “keep them quiet”.
“I think Russia took part in international trade peace, with Europe buying Russian gas over the years and sending billions of profits to Russia,” he said.
Former German Chancellor Angela Merkel (Photo: Raimond Spekking)
“In my opinion, Angela Merkel understood that unless wealth is shared, including through international trade, conflicts would be on the rise. Why would they proceed to another pipeline Nord Stream 2 which bypasses Ukraine?”
“Also, Angela Merkel had a grip on President Putin because she spoke Russian and grew up in East Germany. And she understood well that Russia is better to be kept close to Europe rather than China. There are many factors.”
The European Commission yesterday proposed the EU’s seventh package of sanctions against Russia since its invasion of Ukraine, including a ban on Russian gold imports and tweaks to prevent current trade restrictions from hampering Russia’s food and grain exports.
Although Malta has supported the sanction regime, including a proposed embargo on Russian gas, Prime Minister Robert Abela has said their efficacy must be regularly monitored to ensure EU citizens don’t up paying the highest price.
Finance Minister Clyde Caruana has been more categorical, warning that sanctions are harming European workers more than Russia and that this could be the prelude to huge political shifts on the continent.
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