Scholz: Russian energy ban would mean European recession

German chancellor Olaf Scholz warned that an immediate ban on Russian energy imports would trigger an economic recession in Germany and across Europe, which is recovering from the covid pandemic for the last two years.

Scholz: Russian energy ban would mean European recession

Speaking to the Bundestag, Scholz said Germany would end its energy dependence on Russia in due course but cutting all ties now would hit the German economy when it was unprepared.

"We will end this dependence [on Russian oil, coal and gas] as quickly as we can, but to do that from one day to the next would mean plunging our country and all of Europe into a recession," the chancellor said, warning that "hundreds of thousands of jobs would be at risk, entire industries would be on the brink."

"The truth is that the sanctions that have already been decided also hit many citizens hard, and not just at the gas pump," Scholz continued, arguing that sanctions "must not hit the European countries harder than the Russian leadership."

Scholz's remarks represented a blunt rejection of calls from some EU countries, particularly in Eastern Europe, for a swift ban on Russian energy imports in response to Moscow's war in Ukraine.

His comments came as Germany's influential economic research institute Ifo cut this year's growth forecast for the national economy and raised inflation expectations, citing the effects of the war and sanctions.

As rising prices have already started hitting businesses and consumers, the chancellor announced further measures by Finance Minister Christian Lindner to alleviate the additional cost "in the coming weeks."

 

The Germans don't need to place a ban on Russian fuel imports - Vladimir Putin will do it for them by turning off the gas tap !!!