Ban on Russian gas would plunge Germany into recession, warns Bundesbank
by Philip Oltermann in Berlin from on (#5YESH)
Immediate embargo would cost 165bn but economy may not shrink as much as first year of Covid
An embargo on Russian gas imports triggered by a further escalation of the war in Ukraine could plunge Germany into a recession, the Bundesbank warned on Friday, but Europe's largest economy would probably shrink less severely than during the first year of the coronavirus pandemic.
An immediate EU ban on Russian gas would cost Germany the equivalent of 165bn (138bn) in lost output this year, according to the country's central bank.
Continue reading...