"If Europe is still importing LNG from Russia, it is because there is a need," a France-based gas trader said. "With our other main suppliers, such as Norway, operating at maximum capacity, it will be hard to completely stop the flow of Russian LNG. We are still not completely out of the crisis."

Russia’s gas-transit agreement with Ukraine also expires at the end of the year, and there’s little clarity as of now if these volumes will still find their way to Europe.

The government on Wednesday slashed its growth forecast for this year to 0.2% from 1.3%, after a contraction in 2023.

Europe risks losing out to China and the US in the race to supply the technologies needed to roll out renewables and slash industrial emissions.

“The European Commission’s carbon capture ambition is significant at ~450 million tonnes of CO2 by 2050, of which around 40% will come from direct air capture (DAC) alone, the most expensive carbon capture process.

While the outlook is weak, the bank said it expects no major deterioration in the labour market, which has insulated the economy so far, and Germany was not facing a broad-based, prolonged recession.

"Compared to the larger, conventional nuclear power plants, SMRs have several advantages — such as shorter construction time schedules, enhanced safety features and a sounder appeal to private investors thanks to their lower initial costs and shorter development timelines," the commission added.

The aid provided by seven countries is expected to unlock an additional 5.4 billion euros in private investments, with 32 companies participating in 33 projects, the commission said.

The European Commission set up a European SMR pre-Partnership in June last year with the overall objective of identifying enabling conditions and constraints,

Russia is interested in “how scrupulously” German authorities will approach the investigation given Germany “has lost a lot due to this terrorist attack,” Kremlin spokesman Dmitry Peskov told reporters on Wednesday, when asked about Sweden’s decision, according to Interfax.