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Vladimir Vinogradov's picture

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  • Apr 5, 2022

REUTERS published - 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.

WOGNEWS, Global Energy Market News is a publicly available information portal about the global energy market and industry. The portal contains information in text, video and photo formats since January, 2014.
Julian Silk's picture
Julian Silk on Apr 5, 2022

Germany will be able to manage without a recession if a strong effort is made and other countries cooperate.  This looks like Russian disinformation.

Vladimir Vinogradov's picture
Vladimir Vinogradov on Apr 6, 2022

This was reported by Reuters with reference to Christian Sewing, the chief executive of Deutsche Bank.

Julian Silk's picture
Julian Silk on Apr 6, 2022

That Deutsche Bank would continue to lend to Trump so soon after a contentious legal battle that stemmed from Trump’s inability or unwillingness to repay his debts has raised significant suspicions about the sources of these funds. Compounding these suspicions are Deutsche Bank’s ties to Russia. On January 30, 2017, the New York State Department of Financial Services fined Deutsche Bank $425 million for violating New York’s anti-money laundering. The bank admitted to a massive $10 billion Russian money laundering scheme involving “mirror trades,” which moved money out of Russia to the West between 2011 and 2015. The investigation by special counsel Robert S. Mueller III into possible collusion between the Trump campaign and Russia has reportedly subpoenaed records from Deutsche Bank.


Vladimir Vinogradov's picture
Vladimir Vinogradov on Apr 22, 2022

What does it mean?

Julian Silk's picture
Julian Silk on Apr 24, 2022

It means that reliance on Deutsche Bank, to be a credible and unbiased source, may not be justified.

Vladimir Vinogradov's picture
Thank Vladimir for the Post!
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