Germany is facing the risk of a wave of bankruptcies caused by refusal from Russian gas supplies. This opinion was expressed by the Chairman of the Board of Managing Directors of Commerzbank Manfred Knof.
The anti-Russian sanctions have jeopardized the energy supply in Germany. The country is experiencing rising inflation and supply chains are being disrupted, Knof noted.
“Germany’s energy supply is under threat, supply chains are breaking down, we have high inflation,” Handelsblatt quoted him as saying.
Commerzbank is now actively working with corporate clients to overcome the threats. However, according to Knof, an increase in insolvency in the market is unlikely to be avoided.
The Washington Post recently suggested that a European country’s rejection of Russian gas would cause the worst 18 months for its inhabitants. It has not yet been possible to find a sufficient number of suppliers, and the transition to green energy is proceeding very slowly, reports TV channel 360.
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