“The longer we wait, the more time Putin has”

Berlin The economist Veronika Grimm has spoken out in favor of an energy embargo against Russia as soon as possible. “The longer we wait, the more time Putin and his allies have to adjust to the sanctions,” she said in an interview with the Handelsblatt. She warned that this might take away the clout of an embargo.

Long-lasting military conflicts in Europe would have much more serious consequences than stopping energy supplies, Grimm said. “Both the human suffering, which cannot be compensated for with money, but also the economic costs would be far greater in the long term,” she emphasized.

She also contradicted the Federal Minister of Economics Robert Habeck (Greens), who had warned that an energy embargo would endanger social peace in Germany. “Fortunately, Germany is able to cushion the social consequences of an import ban,” she said. The traffic light still has room to maneuver beyond the relief that has already been implemented, for example through lower energy taxes.