The war in Ukraine threatens to derail the eurozone’s recovery, drive consumer prices higher and reopen divisions at the European Central Bank over the future direction of monetary policy, putting officials in an uncomfortable position ahead of their meeting on Thursday.

Europe’s dependence on Russian energy means it is bound to suffer more than most regions from the economic fallout of the war in Ukraine, said analysts, leaving the ECB torn between fighting record inflation and cushioning the expected hit to growth.

The eurozone economy was facing “a huge stagflation shock risk” — the toxic mix of stagnant growth and high inflation, said Frederik Ducrozet, a strategist at Pictet Wealth Management. “Uncertainty has never been this high, so it makes absolutely no sense for the ECB to make any firm commitments to change anything.”