Ukraine war
Industry warns of the consequences of an oil and gas import freeze
The Union faction in the Bundestag had called for a stop to gas supplies via the Nord Stream 1 pipeline. Photo: Stefan Sauer/dpa
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The USA is already no longer buying oil from Russia, and the Union faction in the Bundestag is calling for gas supplies to be stopped via Nord Stream 1. The industry is concerned regarding a possible import freeze by Germany.
With a view to the already noticeable impairments in the German economy, the Association of German Chambers of Industry and Commerce (DIHK) has warned of the consequences of further sanctions once morest Russia – such as a gas embargo.
“In the German economy there is broad approval for the tough sanctions. Because war is no basis for business,” said DIHK general manager Martin Wansleben of the “Rheinische Post”. The previous sanctions are beginning to take effect step by step.
“Due to specific information from the companies, we know that the repercussions on the German economy in the coming months should not be underestimated,” said Wansleben. “This applies not only to further increases in energy prices, but also to distortions in the supply chains that have a broad impact on the economy,” he warned.
middle class is concerned
More and more medium-sized industrial companies might no longer afford to produce in Germany at these prices. “There is also the concern that our own systems will have to be shut down, at least temporarily, due to energy shortages. Every politician in Europe should take this economic situation into account,” said Wansleben.
Employers in the metal and electrical industry are also warning of dramatic consequences. “If Germany should decide to stop importing gas or oil from Russia, it would have a dramatic impact on our industry, but also on private households,” said Stefan Wolf, President of the Gesamtmetall Employers’ Association, to the “Frankfurter Allgemeine Zeitung”. . “Inflation would be in double digits. Security of supply would be seriously jeopardized.”
Debate on Nord Stream 1 shutdown
In response to Russia’s war in Ukraine, the Union faction in the Bundestag had called for gas supplies to be stopped via the Nord Stream 1 pipeline. This would “mean a new quality in the sanctions,” said parliamentary group leader Friedrich Merz on Wednesday in Berlin.
According to Gesamtmetall President Wolf, shutting down Nord Stream 1 alone would result in a loss of around 550 terawatt hours of gas, “with a requirement of around 950 terawatt hours per year”. In the long term, Germany must definitely become less dependent on Russian imports, he stressed. “In the short term, however, despite the efforts of the Federal Government and the EU Commission, we simply lack the alternatives.”
SPD parliamentary group leader Matthias Miersch thinks it is conceivable that oil, gas and hard coal from Russia might be completely dispensed with. “We should stop Russian energy imports as a last option,” Miersch told the Rheinische Post. The supplies for this winter were enough. “But ensuring security of supply for the fall and winter of 2022/23, especially for gas, is anything but trivial,” said Miersch.