German Economy Minister Robert Habeck thinks it is possible that Russia will stop supplying gas after the maintenance interval for the Nord Stream 1 gas pipeline. When asked the pertinent question on Thursday, he said, “I’d be lying if I said I’m not scared.”
The argument of technical problems was put forward, it was a political measure of Moscow. And who knows what the next political measure will be. Well, I’m not without worries.” When asked if he could imagine the tripling of the gas bill, Habeck said: “That cannot be ruled out (…) yes, that is a possibility.” can no longer be averted.
Fewer deliveries, higher price
According to Habeck, the reduced supply of Russian gas could also be interpreted as a sign of effective sanctions against Russia. “It’s true, Putin gets money from the sale of fossil fuels, but he can buy less and less of it because the West has sanctioned so many goods,” Habeck told RTL Direkt, according to a statement from a broadcaster.
“And because he can’t buy anything with this money, he says: then I no longer need the money and I will accelerate less. This is also a sign that the sanctions are very effective.”
Beware of the domino effect
Given the impending guest shortage, Habeck fears a domino effect leading to a severe recession. “The risk that energy suppliers will find themselves in an economic situation where they can no longer borrow money on the market to buy gas” is high, according to Habeck in the ARD daily topics according to the pre-announcement. It must be prevented that “they fall out of the market”.
He fears “some sort of Lehman Brothers effect on the energy market”, which will affect utilities, commercial and industrial companies and consumers. “And then you have a domino effect that would lead to a severe recession,” said the Green politician. He will ensure that this is prevented.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
