Russian Gas Cuts Will Not Kill the German Economy
Expensive energy, particularly natural gas, poses a difficult economic and political challenge for all energy-importing industrialized countries. But the data suggest that Germany is better placed than most of its main competitors to weather the current crisis caused by reduced Russian deliveries.
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BRUSSELS – Much of the conventional wisdom about Europe’s current natural-gas crisis – triggered by reduced deliveries from Russia – rests on two assumptions: that the German economy depends on cheap Russian gas, and that this bet has gone spectacularly wrong. But while German industry is strong, and the country imports a lot of natural gas from Russia, a closer inspection of the numbers and economics involved does not support the prevailing narrative.