The assessment comes from an economist at the US company S&P Global.
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sputnik According to the economist at the US company S&P Global, Paul Gruenwald, quoted by the broadcaster CNBC, a possible trade break between Russia and Germany could trigger a global financial shock.
According to the expert, given the development of the situation around Ukraine, a less encouraging scenario is assessed. A trade break between Germany and Russia could be a disaster.
This would affect the energy complex, commodity prices, and manufactured goods imported from Europe, such as nickel, titanium, and others, leading to a strong impact on German industry, in addition to reducing the country’s GDP, creating unemployment, and reducing the Confidence in Germany, he explained.
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Gruenwald stressed that the sanctions imposed by European countries, following in the footsteps of the US, caused Russian retaliation, which in turn demanded that the countries that imposed the sanctions pay for the supply of natural gas in rubles.
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Currently, around 40% of all gas imported by the EU comes from Russia, while Germany is the largest consumer of this fuel.
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