ANDREW HARNIK/AFP via Getty Images A potential cutting-off of Russian gas would lead to recession and “chaotic conditions”, various German officials are now warning.
Former U.S. President Donald Trump’s warning that Germany’s addiction to Russian gas would have extremely negative long-term consequences appears to have been proven prophetic, with officials in the country now warning of “chaotic conditions” and severe economic recession should they lose access to Moscow’s supply.
The warnings come as Germany starts to fret that when the Kremlin turns off gas on July 11th to do annual maintenance on the gas line between the two countries, Russian authorities will use technical problems as an excuse so as not to turn the supply back on again — a move that would reportedly see the German economy tank by around €200 billion within six months.
According to various European and German news sources, the country’s officials are now firefighting regarding the possible worsening of the already severe gas crisis which has seen one major energy company enter existential financial difficulty.
In response to the financial problems such a loss of gas will cause, POLITICO is reporting that the German government is now looking to pass emergency legislation imposing a financial levy on […]
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