Christian Sewing, CEO of Deutsche Bank AG in Frankfurt, Germany January 30, 2020. REUTERS/Ralph Orlowski
Newsweek: Deutsche Bank CEO Warns Against Cutting off Russian Gas
Deutsche Bank Chief Executive Officer Christian Sewing warned that cutting off imports of Russian gas would have severe consequences for Germany's economy and would drive it into a recession.
Calls for a ban on Russian gas imports have been growing since atrocities committed by Russian troops in Bucha and other towns around Kyiv were revealed over the past few days, especially after the three Baltic countries announced they had cut Russian gas imports starting April 1.
The European Union said on Monday that it will discuss fresh new sanctions against Russia following international outrage over the alleged massacre in Bucha,
Read more ....
WNU Editor: German industry is preparing for the worse .... German Industry Prepares for Worst-Case Scenario (Spiegel Online).
Update: No kidding .... German business confidence drops sharply on war worries (AP).
German Banks Warn The Government That Cutting-Off Russian Natural Gas Will Mean A Deep Recession
Germany faces steep recession if Russian oil and gas halted: Banks -- Reuters
Suspension Of Russian Oil, Gas Threatens Germany With Recession -- OilPrice.com
2 comments:
Well maybe banks and other businesses should have wargamed it out. Maybe they should have deferred being on the hook for so much trade with Russia until it was integrated in to the EU and NATO.
It was these same people with the their get rich quick schemes that cajoled government into allowing these deals.
If Germany falls into a deep recession the EU follows.Expect extremist movements to gain followers across Europe and soon enough win elections.
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