Christian Swing, chief executive of Deutsche Bank, has joined a growing list of German politicians and leaders who have drawn attention to the dire consequences of cutting off Russian energy supplies – Bloomberg mentioned.
Swing said at a press conference on Monday that Europe’s largest economy – like many other countries – is already struggling with ever-increasing inflation, and the situation will only get worse if the import of Russian oil and natural gas stops.
In this case, recession will be inevitable in Germany
Although Germany and many other EU member states that depend on Russian gas have so far opposed punishing the energy sector, after atrocities spread in Bua on Sunday – the retreating Russian army left behind mass graves and killed civilians – more and more people Demanding tougher sanctions than before Russia, Berlin has also brandished a ban on Russian gas.
Other German policymakers and corporate managers see the situation arising from the prospect of a gas shutdown in a similarly grim manner.
Finance Minister Christian Lindner and Martina Merz, CEO of Thyssenkrupp, expressed similar concerns to the Swing allegations even before the allegations of atrocities in Ukraine became public.
In the event of an import ban, we also have to prepare for inflation, which may temporarily be in the double digits
Sewing painted a bleak future.
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