2022-04-04 12:15:00
GERMANY REQUESTS A RECESSION
REUTERS - April 4 - Germany will face a steep recession if there is a stop to imports or delivery of Russian gas and oil, a top German bank lobby warned on Monday.
Europe's largest economy is heavily dependent upon Russia for energy, and nations banks echoed concerns over possible energy disruption expressed by big names in industry in recent days.
Christian Sewing, the chief executive of Deutsche Bank, said in his role as president of Germany's BDB bank lobby that banks expected sharply slower growth this year of around 2% due to the war in Ukraine.
"The situation would be even worse if imports or supplies of Russian oil and natural gas were to be halted. A significant recession in Germany would then be virtually unavoidable," Sewing told journalists.
"The question of government aid measures for companies and sectors would then become even more urgent," he said.
Sewing once again called on the European Central Bank to act to fend off inflation.
He said the ECB should end its net asset purchases soon and should send a signal with interest rates.
"A signal that is urgently needed," he said.
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Earlier:
2022, April, 1, 11:30:00
RUSSIAN GAS FOR EUROPE IS STABLE
But there was no sign on Friday of an immediate interruption. Flows remained steady through two of the three main pipelines bringing Russian gas into Europe - Nord Stream 1 across the Baltic Sea, and into Slovakia over Ukraine.
2022, March, 31, 14:00:00
RUSSIAN GAS FOR GERMANY IN ROUBLES
"The change in the procedure for settlements is introduced due to the fact that, in violation of international law, the foreign exchange reserves of the Bank of Russia were frozen by the EU member states," the Kremlin said.
2022, March, 29, 13:25:00
RUSSIA'S, GERMANY'S GAS DEPENDENCE
The dependence on Russian natural gas in Germany is so great that if supplies from Russia were to be stopped and the remaining quantities of natural gas distributed to Europe, Germany would have to reduce its natural gas consumption in the heating gas sector or in the industrial sector by 100 TWh per year .
2022, March, 28, 11:55:00
RUSSIAN GAS FOR EUROPE STILL
Russian gas deliveries to Europe on three main pipeline routes were stable on Monday morning, with the Yamal-Europe pipeline continuing to flow eastwards from Germany into Poland.
2022, March, 22, 12:45:00
RUSSIA BYPASSES SANCTIONS
"If oil is sold at a discount, then [consumers] will be happy to buy it. We will earn less, but we will be able to place oil," Novak said.
2022, March, 15, 15:20:00
RUSSIA IS A KEY
In 2021, Russia was the largest natural gas-exporting country in the world, the second-largest crude oil and condensates-exporting country after Saudi Arabia, and the third-largest coal-exporting country behind Indonesia and Australia.
2022, March, 14, 11:50:00
RUSSIA GUARANTEES ENERGY SECURITY
"Russia remains a reliable supplier, a world-class guarantor of energy security. We value this reputation, but are ready for a harsh confrontation in the energy sector, if the need arises,"
