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Germany warns of gas market collapse if EU countries ‘think only of themselves’

Germany warns of gas market collapse if EU countries ‘think only of themselves’

If, due to a possible stop in gas supplies from the Russian Federation, individual EU countries stop supplying it to neighboring states, the European gas market, as well as the supply chain, will collapse. Such an opinion was expressed by the head of the Institute of German Economics Michael Hüter.

“The EU must ensure that even when supplies from Russia stop, gas continues to flow between states. There should not be a situation where individual countries stop their supplies to neighboring states,” Hüter said.

According to the expert, this is both in the interests of Europe and in the interests of Germany, which exchanges gas with neighboring countries.

At the same time, Hueter urged to prevent a repeat of the situation that arose at the height of the coronavirus pandemic, when a number of EU countries closed their borders, as a result of which trucks were blocked at the borders, which threatened to disrupt European supply chains.

“If the EU countries think only of themselves and cut off gas flows to neighboring countries, the collapse of the European gas market threatens to have devastating consequences for companies and consumers. Stopping production in the industry is then almost inevitable,” Hüter concluded.

Earlier it was reported that the European Union is preparing the seventh package of anti-Russian sanctions, but it will not include restrictions on the supply of gas. EU member states failed to quickly agree on this issue