Deutsche Bank Office MOSCOW, Apr 4 German economy risks recession in case of total shutdown from imports of oil and gas from Russia, said the head of Deutsche Bank Christian Sewing during a press conference. He noted that the country's banks expect a slowdown to about two percent by the end of this year. And earlier, IfW Kiel, one of the leading German economic institutions, almost halved its GDP growth forecast due to the situation in Ukraine: now it expects an increase of 2.1 percent instead of the forecasted four.
Media: sanctions against Russia threaten the world with an economic catastrophe»The situation would become even worse if imports or supplies of Russian oil and natural gas were stopped. In this case, a significant recession in Germany would be almost inevitable,» — Reuters quotes Zewing's words. The head of the bank also clarified that in this case, the question of measures of state support for companies arises. At the same time, he again called on the European Central Bank to take measures to combat rising prices. According to the German Federal Statistical Office (Destatis), annual inflation in the country, according to preliminary estimates, accelerated to a record 7.3 percent in the history of observations from 5.1 percent a month earlier. Russia launched a military operation in Ukraine on 24 February. After that, foreign countries began to impose sanctions, and companies massively suspended their activities on the territory of the state. In Europe, statements are periodically heard at various levels about the refusal to import Russian oil and gas, and individual restrictions are introduced at the company level. LNG at a discount, media reported
