Rejection of Russian gas threatens Germany's economic strength

German Parliament. Photo: AP

In an interview with Handelsblatt, Mr. Hartung stated: "20% of our group's energy needs are met by gas. It is obvious that if Berlin refuses energy from Russia, the supply chain will be disrupted, and not only for Bosch." In the view of businessman Hartung, the consequences could be even more serious than the COVID-19 pandemic: Germany risks destroying "the industrial base of economic power".

Western countries have imposed extensive sanctions against Russia after Moscow launched a special military operation to demilitarize and de-Nazify Ukraine. The restrictions primarily affected the banking sector and the supply of high-tech products. In Europe, there have been calls to abandon Russian energy sources, and a number of companies have ceased operations on Russian territory.

According to the Kremlin, these restrictions and sanctions constitute an unprecedented economic war, but Russia is ready to deal with such developments. The Russian Central Bank has taken measures to stabilize the foreign exchange market; payments for gas supplies to "unfriendly" countries are made in rubles. Sanctions pressure on Russia has also become an economic problem for both the US and Europe, causing fuel and food prices to rise./.