Financial TimesFinancial Times

Olaf Scholz warns immediate Russian energy ban would trigger recession in Europe

By Martin Arnold, Joe Miller, Erika Solomon and Valentina Romei

23 Mar 2022 · 3 min read

Chancellor Olaf Scholz has stood firm on Germany’s resistance to an immediate embargo of Russian fossil fuels and warned it would trigger a recession, as economists slashed growth forecasts for Europe’s largest economy.

Scholz told the Bundestag on Wednesday that immediately cutting Russian energy imports would trigger an economic crisis. Other European states and the US are pushing for the EU to impose tougher sanctions on Russian energy, but Germany has resisted because more than half of the gas and coal that it imports comes from Russia as does a third of its oil.

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