Germany faces steep recession if Russian oil and gas are cut off: Deutsche Bank CEO

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Germany faces steep recession if Russian oil and gas are cut off: Deutsche Bank CEO
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Germany is under pressure to ban Russian natural gas, but Deutsche Bank's CEO says cutting supply would send the country into a 'virtually unavoidable' recession

Due to the war in Ukraine, German banks are expecting the country's GDP growth to slow to 2% in 2022 from, Reuters reported, citing Sewing, who was speaking in his role as president of Germany's BDB bank lobby.

"A significant recession in Germany would then be virtually unavoidable," he added, per the news agency.Russian atrocities

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