The European Union has repeatedly warned that harsh sanctions against Russia over the conflict in Ukraine are hurting Europe even more amid fears that the continent could face the biggest financial crisis in history.

According to Generation Frexit leader Charles-Henri Gallois, the recession in the eurozone is now "obvious".

“Some European countries, such as Germany and Italy, are very dependent on Russian gas supplies,” he stressed.

Other European countries, including France, will also suffer, as Russia was "an important supplier of oil," Gallois said.