Berlin (Germany) – Europe’s largest economy is on the brink of recession, according to Deutsche Bank. Due to the ongoing war between Russia and Ukraine, most European countries have decided not to import natural gas and oil from Russia. However, Germany is heavily dependent on Russia and has been cautiously handling the situation.
About 55% of Germany’s natural gas is imported from Russia. In the case of oil, the proportion is about 40%. Hence, if Germany stops importing these things from Russia, the recession in Germany is almost certain, says Christian Sewing, Chief Executive of Deutsche Bank.
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