Russian gas shutoff would send some EU countries into recession, IMF warns

Fund says GDP in Hungary, Slovakia and Czech Republic would fall by up to 6%, with Italy, Germany and Austria also hit hard

A total shutdown of Russian gas supply would reduce GDP in the most vulnerable EU countries by as much as 6% and send them plunging into recession, the International Monetary Fund has warned.

Amid speculation that the Russian president, Vladimir Putin, will keep the Nord Stream 1 pipeline closed when routine annual maintenance ends later this week, the IMF said Europe lacked a comprehensive plan to cope with shortages, further increases in energy prices and the impact on growth.