Berlin The threat of a military escalation caused stock prices worldwide to fall on Monday. The growing fear of a Russian invasion of Ukraine is also becoming an economic risk.
The German economy in particular could suffer in the event of a war in Ukraine: Supply chains could tear, sanctions against Russia could be met with counter-sanctions, and supply bottlenecks could lead to the energy crisis in the 1970s.
German companies are already alarmed: “No one wants to imagine a hot conflict between Russia and NATO,” says Oliver Hermes, head of the German Economic Committee on Eastern European Economic Relations, to the Handelsblatt. “In addition to the unimaginable human suffering, it would set our entire continent and the European economy back by decades.”
It is therefore “good that Chancellor Scholz is fully involved in international crisis diplomacy”. Scholz travels to Moscow this Tuesday to meet Russian President Vladimir Putin.
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