Industrialists and trade unions are united in Germany against the possibility of a Russian gas embargo. The Bda, the association of German industrialists, and the Dgb, the association of German trade unions - reports the Agi agency - have signed a joint note in which they have expressed their opposition to the hypothesis of an embargo on Russian gas, fearing a deindustrialisation of Germany.
In a joint statement to the dpa agency, the presidents of the two associations, Rainer Dulger (Bda) and Rainer Hoffmann (Dgb), stressed that the sanctions should be targeted, put pressure on the recipient and prevent damage to their economy as much as possible.
According to Dulger and Hoffman a blockade of Russian gas imports would instead far more serious consequences for the German economy and labor market than for Russia.
“An immediate gas embargo will result in production losses, production shutdowns, further deindustrialization and continued job losses,” the statement warns. “They still have many problems to solve in the coming months. We cannot act from a position of weakness“, concluded the two presidents.
German government spokesman Wolfgang Buechner had previously clarified that the Berlin authorities oppose the immediate imposition of an embargo on oil and gas supplies from Russia. The German chancellor, Olaf Scholz, has repeatedly stressed that his executive is following a strategy of gradual reduction of addiction from Russian energy supplies.
In turn, Robert Habeck, vice-chancellor and economy minister, announced the introduction of an emergency plan in the event of an interruption of energy supplies from Russia. According to the official forecasts of the ministry led by Habeck, Germany will not be able to achieve full independence from Russian gas before the summer of 2024.
Oil at a 3-week high
Oil prices rose to nearly three-week highs on global supply concerns as the deepening crisis in Ukraine raises the prospect of heavier sanctions by the West on top exporter, Russia. Brent futures advanced 0,73% to 112,51 dollars a barrel, after hitting a high since March 30 of 113,80 dollars.
U.S. West Texas Intermediate futures rose 0,69% to $107,69 a barrel, after gaining as much as $108,55, the highest since March 30. The war between Russia and Ukraine, with no signs of a ceasefire, is stoking supply fears, especially as demand is expected to pick up as the driving season approaches in the northern hemisphere, analysts said.
The forecast for the oil market favors an uptrend this week with limited additional supply from major oil producers to offset a reduced flow from Russia.
