In Germany, they announced an ominous crisis in the economy because of Ukraine

BASF's chemical plant in Ludwigshafen, Germany. Archive photoMOSCOW, May 19.The aggravation of the situation in Ukraine was a shock to the German economy and resulted in an existential crisis, according to an article by the German newspaper Handelsblatt. The material presents the results of a study by the German Chamber of Commerce and Industry, in which 25,000 companies took part. It turned out that against the background of the Ukrainian crisis, a third of enterprises expect an imminent worsening of the situation in the economy, and only 19% expect positive changes. «So far, we have experienced such a decline in the industry only during the financial crisis and the first quarantine in 2020,» commented the results General Director of the Association of German Chambers of Commerce and Industry Martin Wansleben. The consequences of the events in Ukraine are developing into a structural crisis that will drag on for years, and the economic downturn could be especially «ominous», the publication says.Germany announced economic paralysis in the event of an embargo on Russian gas The measures mainly affected the financial sector and the supply of high-tech products, but calls to reduce dependence on Russian energy resources became louder in Europe, and many brands announced their withdrawal from Russia. The Kremlin called these restrictions an economic war, but noted the readiness for such a development of events. The Bank of Russia takes measures to stabilize the situation on the foreign exchange market; payments for gas supplies to unfriendly countries were transferred to rubles. The government also prepared a plan to counter restrictive measures, which includes about a hundred initiatives. The volume of its funding will be about a trillion rubles.Worst crisis since World War II warned in Germany