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German Central Bank warns against Russian gas ban

Middle East

23-04-2022 | 00:32

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German Central Bank warns against Russian gas ban

The German Central Bank warned on Saturday that in case the European Union imposed an immediate ban on Russian gas, the cost of this measure to Germany, which is heavily dependent on this energy resource, will be heavy as it could reach 5% of GDP this year.

The Central Bank announced in a statement that the Germany’s real GDP could drop to as much as 5% relative to the current economic outlook if Russian gas imports were to stop immediately, whether for a voluntary or sudden reason.

It explained that this means a surplus profit of 180 billion euros for the national production.

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