Europe not heading for recession this year despite Ukraine crisis, says senior US Treasury official

Europe not heading for recession this year despite Ukraine crisis, says senior US Treasury official

An unprecedented campaign of economic sanctions against Russia is not likely to cause a recession in Europe despite soaring energy prices, a senior US official has told Sky News.

In an exclusive interview, Wally Adeyemo, deputy secretary of the US Treasury, said that his country was committed to doing everything it could to help its allies in Europe weather a cost of living crisis triggered in part by Russia’s invasion of Ukraine.

“The thing we’re committed to doing is using our energy independence to help our allies,” Mr Adeyemo said.