Deutsche Bank: Sanctions on Russia will create serious issues

The Head of the German Deutsche Bank, Christian Sewing, warned against abandoning the Nord Stream 1 gas pipeline, stressing not imposing new sanctions against Russia.

"First, we must let the announced sanctions take effect. However, these sanctions also have a negative effect on us, and we must endure it," Sewing told Welt am Sonntag.

Shutting down Nord Stream 1 would not cease Moscow's supply of gas to Germany, but rather create serious energy supply issues, significantly increasing prices in Germany.

Mass poverty in Germany if Russian gas and oil boycotted

German Economy and Energy Minister Robert Habeck warned on Sunday, in an interview with public broadcaster ARD that Germany's people may face mass unemployment and poverty if there was to be an immediate boycott of Russian gas and oil.

"If we flip a switch immediately," people will witness supply shortages, he said, adding that people will run out of gas for transportation.

55% of Germany's natural gas, 52% of its coal, and 34% of its minerals come from Russia, which explains why the country is so highly dependent on Moscow's exports.

Habeck said his government is working to ensure it would be able to give up Russian coal by the summer and to phase out Russian oil by the end of the year.

“With coal, oil and even gas we are step by step in the process of making ourselves independent”, the former Green party co-leader said. “But we can’t do it in an instant. That’s bitter, and it’s not a nice thing morally to confess to, but we can’t do it yet.”

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Mass poverty in Germany if Russian gas and oil boycotted

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