Germany was warned it could face a €220bn ($240bn) hit to output over the next two years in the event of an immediate interruption in Russian energy supplies over the war in Ukraine. Economic institutes advising the government in Berlin said on Wednesday in a joint forecast that a full halt in Russian natural gas imports would result in a “sharp recession.” “The decision to become independent from Russian supplies of raw materials is likely to remain valid even when the military and political situation calms down again,” the report said. “That means part of the energy supply and energy-intensive industry must realign itself.” While the €220bn estimate is the equivalent of 6.5% of annual out
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