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Greater sanctions on Russia could cripple Germany, Europe’s largest economy

The Green party politician Robert Habeck predicted mass unemployment, poverty, people who can’t heat their homes, people who run out of petrol if Germany stopped using Russian oil & gas

Greater sanctions on Russia could cripple Germany, Europe’s largest economy

Berlin, March 17 - Neftegaz.RU. The German economy is hurtling towards a recession as the Russia-Ukraine confrontation sours investors’ optimism for Europe’s largest economy, reveals a closely watched survey released today, City AM has reported.

Achim Wambach, president of ZEW, the company that tracks investor sentiment in the county, said:
  • Moscow’s assault of Ukraine and the West’s sweeping set of sanctions to lock Russia out of the global economy is significantly dampening the economic outlook for Germany
Optimism among Germany’s investors collapsed at the fastest rate on record this month, tumbling to minus 39.3 from 54.3 last month.
The drop smashed economists’ expectations, who had been pencilling in a reading of 10 for March.

Germany is highly dependent on Russia for energy supplies, meaning production could be curbed if oil & gas flows are disrupted by the military conflict or a step in European sanctions.
Oil & gas prices have whipsawed since the start of the conflict on concerns over the security of future supplies.

Higher energy costs are likely to constrict output in Germany’s manufacturing and industrial production industries, which generate a large share of the country’s output.

The European Union has stopped short of banning imports of Russian energy.
The US has imposed an embargo on Russian oil, while the UK will stop buying Russian oil by the end of this year.

Source : Neftegaz.RU


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