Suspending Russian energy imports to Europe could backfire - RWE

Banning Russian energy imports to Germany and other heavily reliant European countries could have dire consequences, German utility firm RWE says.

RWE argues that the impact of Western economic sanctions on Russia are already felt in the plunging Russian economy. It cautions against extending sanctions to Russian oil and gas supplies.

“I can fully understand the position of the German government in speaking out against sanctions on fuel supplies at this point in time,” says RWE’s chief executive Markus Krebber.

Immediately stopping imports from Russia would impact household heating supply in Germany. Longer term, supply dislocations it will also affect production capabilities of industry and mid-sized companies.

“Sanctions should be chosen in such a way that they can be sustained,” add Krebber.

He further argeus that Germany needs to make rapid actions now to ensure future energy independence in a sustainable manner.