Europe’s largest economy is bracing for retaliatory measures Russia may announce in response to the widespread sanctions issued by various Western countries. A sudden halt in supplies of natural gas from Russia could trigger a form of martial law in the energy sector of Germany, experts are confident.
Having studied the state of affairs in Germany's energy industry, Bloomberg analysts Vanessa Dezem and William Wilkes concluded that the country would be able to survive a Russian gas cut-off, but its government would have to introduce martial law in the sector. In general, a possible shutdown of Russian natural gas will have a severe impact on Germany’s energy industry. The article says that this could "affect 80 million residents and businesses from bakers to chemical producers." As a result, the German authorities will be forced to introduce state regulations to ensure the optimal use of the existing gas reserves.
"Economists predict damage of 220 billion euros, which is more than enough to send the country into recession," Dezem and Wilkes warned. According to the analysts, the possibility of a sudden shutdown of Russian gas appeared after Moscow limited the supply of natural reserves to Germany.
Earlier it became known that Russia had imposed sanctions on parts of Gazprom Germania, the former Germany-based unit of Russian gas producer Gazprom. In addition, EuRoPol GAZ SA, owner of the Polish part of the Yamal-Europe gas pipeline, the Wingas/WIEH/WIEE trading group, which owns a large package of long-term contracts for the supply of Russian gas, as well as the Astora natural gas depot, the largest natural gas storage in Western Europe, were subject to restrictive measures. In total, Russia's sanctions list includes 31 companies.
