{"id":62661,"date":"2022-05-17T06:10:13","date_gmt":"2022-05-17T11:10:13","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62661"},"modified":"2022-05-17T06:10:13","modified_gmt":"2022-05-17T11:10:13","slug":"cutting-off-russian-gas-would-be-catastrophic-german-industry-president-warns","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62661","title":{"rendered":"Cutting Off Russian Gas Would Be “Catastrophic”, German Industry President Warns"},"content":{"rendered":"
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Cutting Off Russian Gas Would Be “Catastrophic”, German Industry President Warns<\/a><\/h3>\n<\/header>\n
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As we detailed yesterday<\/a>, almost two months after Europe rushed to declare it would impose unprecedented sanctions on Russia in response to Putin’s invasion of Ukraine with no regard for how such sanctions would boomerang and cripple its own economies, the old continent which was and still remains hostage to Russian energy exports, is finally grasping the underlying math which was all too clear to Vladimir Putin long ago.<\/p>\n

The European Union\u2019s executive arm said yesterday that\u00a0the currency bloc\u2019s economy would expand about 0.2% this year, with inflation topping 9%,\u00a0<\/strong>as governments struggled to replace the imports.<\/p>\n

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This severe stagflationary scenario is highlighted by Siegfried Russwurm,\u00a0president of the Germany\u2019s biggest industry association BDI<\/strong>, warning that the cessation of Russian gas deliveries would have a dire effect on the German economy.<\/p>\n

\u201cThe consequences of cutting off Russian gas supplies would be catastrophic,\u201d<\/em><\/strong>\u00a0he told tabloid\u00a0Bild am Sonntag in an interview published at the weekend<\/a>.<\/p><\/blockquote>\n

Russwurm added that cutting off Russian gas would deprive businesses of fuel in Germany, forcing businesses to close production lines.<\/p>\n

\u201cIn this situation many companies will be completely cut off gas supplies.\u00a0In many cases, affected businesses will be forced to stop production, some businesses may never be able to start again,<\/strong>” he warned.<\/p><\/blockquote>\n

Europe’s “sudden realization” of just how destructive pushing through with full-blown sanctions will be, somewhat similar to that of Elon Musk who “learned” about the millions in Twitter spam accounts only\u00a0after\u00a0<\/strong>bidding $44 billion – is why over the weekend, Bloomberg reported that\u00a0the European Union is set to fully water down its so-called sanctions<\/strong>\u00a0and to offer gas importers a solution to avoid a breach of sanctions when buying fuel from Russia while satisfying President Vladimir Putin\u2019s demands over payment in rubles.<\/p>\n

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\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Cutting Off Russian Gas Would Be “Catastrophic”, German Industry President Warns As we detailed yesterday, almost two months after Europe rushed to declare it would impose unprecedented sanctions on Russia in response to Putin’s invasion of Ukraine with no regard for how such sanctions would boomerang and cripple its own economies, the old continent which […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[279,281,284,349,3587,359,6613,694,821,4318],"class_list":["post-62661","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-eu","tag-europe","tag-european-union","tag-gas","tag-gas-imports","tag-germany","tag-industry","tag-russia","tag-ukraine","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62661"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62661\/revisions"}],"predecessor-version":[{"id":62662,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62661\/revisions\/62662"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}