Deutsche CEO Christian Sewing assesses impact of likely Nord Stream 1 shutdown
Deutsche Bank CEO Christian Sewing has urged European authorities to take their time when it comes to stepping up sanctions against Russia over the military standoff in Ukraine, saying the moves could also have a negative impact on the block.
“We should first let the announced sanctions take effect,” Sewing said, in an interview with Welt am Sonntag, adding that the sanctions had caused enormous damage to the Russian economy.
“However, these sanctions also have a negative impact on us, and we have to endure that,” said the head of Germany’s largest financial institution, adding that states should consider “again and again” before introducing harder ones.
Sewing stressed that any decision to be taken by European authorities would be supported.
The leader also criticized the latest proposal to shut down the Nord Stream 1 gas pipeline, as such a development would pose a threat to the energy security of the entire bloc.
“If we restrict Nord Stream 1, although this does not mean the end of Russian gas supplies to Germany, it will soon lead to serious energy supply problems and a significant increase in prices in our country,” he said. he added. Couture said.
In February, Polish Prime Minister Mateusz Morawiecki asked operators of the Nord Stream 1 gas pipeline, which carries more than a third of Germany’s natural gas imports, to close the route. German energy giant E.ON, which operates the pipeline, rejected the appeals.
The German CEO called for increased investment in renewable energy sources and “extend their use as quickly as possible. Sewing also said that a technology-intensive nation such as Germany should not rule out nuclear power so decisively.
Earlier this month, Deutsche Bank announced that it would close its operations in Russia due to Moscow’s offensive in Ukraine.
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