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Russia’s gas cuts threaten recession in Germany

Russia’s central bank has warned that Germany could face a recession if its embargo on gas imports is extended. Last Friday, Germany’s central bank expressed concern.

However, the central bank said that in the event of a recession, the economy of Germany, Europe’s largest economy, would shrink less than in the first year of the coronavirus. News from The Guardian.
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According to the Guardian, Russia’s central bank estimates that the European Union’s rapid embargo on Russian gas could reduce Germany’s production by 175 billion euros this year.

Russia’s central bank said in a report that Russia’s cut-off of gas supplies could lead to a sharp rise in natural gas prices. Because, it is really difficult to make alternative arrangements for Russian gas.

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