EU summit: Industry warns against hasty reactions

BDI President Siegfried Russwurm comments on the upcoming EU summit: "German industry warns the European community of states against hasty reactions with incalculable consequences in the further handling of sanctions."

"German industry warns the European community of states in the further handling of sanctions against hasty reactions with incalculable consequences. The Russian war of aggression against democracy in Ukraine is creating inconceivable human suffering for the Ukrainian people. We support the sanctions against Russia imposed by the Western allies. We recognize that further tough and unequivocal responses may have to follow.

The EU is not prepared for a short-term, comprehensive energy embargo. It would jeopardize the unity and ability of the EU to act both economically and politically. A lack of energy supplies would threaten production stoppages with incalculable consequences for supply chains, employment and also our country's ability to act politically.

A boycott of Russian gas supplies threatens to tear the EU apart. The European gas network has not yet been designed for gas flows from west to east. It is unclear whether, in the event of a halt to Russian gas deliveries, liquefied gas landing in the Netherlands or Belgium would find its way to the Czech Republic or Slovakia. A gas embargo would cause production disruptions, job losses and, in some cases, massive damage to production facilities.

Europe must become less dependent on Russian gas as soon as possible. This cannot be realized overnight. There is no one switch of an energy embargo that the EU can flip now. Instead, what matters from now on is a policy that the member states must tackle in close coordination with the Commission: Policymakers must move quickly to forge new energy partnerships and procure liquefied natural gas from other countries, including the U.S. in particular. Domestic production in Europe must be expanded. In addition, all blockades in the expansion of renewable energies must be removed, from years of planning and approval procedures to sluggish grid expansion."