An 'inevitable' recession would follow a ban on Russian gas imports, Sewing said.
Deutsche Bank Chief Executive Officer Christian Sewing warned that cutting off imports of Russian gas would have severe consequences for Germany's economy and would drive it into a recession.
Calls for a ban on Russian gas imports have been growing since atrocities committed by Russian troops in Bucha and other towns around Kyiv were revealed over the past few days, especially after the three Baltic countries announced they had cut Russian gas imports starting April 1. But according to Sewing, there would be"a further deterioration of the situation if there's a stop to imports or deliveries of Russian oil and natural gas," worsening already soaring inflation and pushing skyrocketing energy prices in Germany even higher, the CEO said during a press briefing on Monday covered byDeutsche Bank CEO Christian Sewing speaks to the media during the bank's annual press conference to discuss financial results for 2019 on January 30, 2020 in Frankfurt,...
"We have to cut all economic relations to Russia, but at the moment, it's not possible to cut the gas supplies," Lindner said during talks with European finance ministers in Luxembourg.
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