(Bloomberg) --
German industries such as steel, chemicals and paper would shut down within a matter of weeks if the country decided to cut off imports of energy from Russia, the nation's biggest industrial unions said Tuesday.
“Exploding energy prices, but above all a possible gas embargo, would hit energy-intensive industry -- the mother of the industrial network -- hard,” Michael Vassiliadis, president of Germany's IGBCE chemical workers union said in a statement. “The consequences would not only be reduced work hours and job losses, but also the rapid collapse of the industrial production chains in Europe -- with worldwide consequences.”
Germany has built up a dependency on Russia, the source of more than half its fossil fuel imports. For now, Moscow has given no indication that it may cut off supplies, while Germany opposes sanctions or political pressure that would prompt a full energy embargo. Vassiliadis delivered the warning on the fallout from possible energy sanctions at a joint press conference in Berlin with leaders from other major German industrial unions, including IG Metall and IG Bau.
Russia earned around 3 billion euros ($3.33 billion) from energy exports to Germany in January, the last full month before its armed forces invaded Ukraine, according to Germany's federal statistics office. Germany's Economy Minister Robert Habeck said his country can cut its reliance for Russian coal and oil by the end of 2022 and plans to build at least two LNG terminals on its North Sea shores to help reduce Germany's reliance on Russian gas.
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