A potential sudden stop of energy imports from Russia: Effects on energy security and economic output in Germany and the EU

Eva M. Berger, Sylwia Bialek, Niklas Garnadt, Veronika Grimm, Lars Other, Leonard Salzmann, Monika Schnitzer (), Achim Truger and Volker Wieland

No 166, IMFS Working Paper Series from Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)

Abstract: The Russian war of aggression against Ukraine since 24 February 2022 has intensified the discussion of Europe's reliance on energy imports from Russia. A ban on Russian imports of oil, natural gas and coal has already been imposed by the United States, while the United Kingdom plans to cease imports of oil and coal from Russia by the end of 2022. The German Federal Government is currently opposing an energy embargo against Russia. However, the Federal Ministry for Economic Affairs and Climate Action is working on a strategy to reduce energy imports from Russia. In this paper, the authors give an overview of the German and European reliance on energy imports from Russia with a focus on gas imports and discuss price effects, alternative suppliers of natural gas, and the potential for saving and replacing natural gas. They also provide an overview of estimates of the consequences on the economic outlook if the conflict intensifies.

Date: 2022
New Economics Papers: this item is included in nep-cis, nep-env, nep-int and nep-tra
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Citations: View citations in EconPapers (2)

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Working Paper: A potential sudden stop of energy imports from Russia: Effects on energy security and economic output in Germany and the EU (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:imfswp:166

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