KONTAN.CO.ID - BERLIN. Germany would face a sharp recession if gas supplies from Russia are suddenly cut off, the country's leading economic institutes said on Wednesday, and the government said the war in Ukraine poses "substantial risks" for Europe's largest economy.
A sudden stop in Russian energy supplies - an adverse scenario and not the institutes' baseline expectation - would slow economic growth to 1.9% this year and result in a contraction of 2.2% in 2023, they said.
The chairmen of three German parliamentarian committees called on Tuesday for the European Union to impose an embargo on Russian oil as soon as possible. But a survey published on Wednesday showed most Germans baulk at that idea.