Sanctions on Russia threaten German economy: Chancellor Olaf Scholz

German Chancellor Olaf Scholz said the war in Ukraine along with the sanctions imposed on Russia for the same, threaten the German economy, CNN reported. He was speaking at a joint press conference with Jordanian King Abdullah II. 

Scholz said, “We must understand very well that this Ukraine war also brings challenges for us regarding economic consequences of the sanctions”, and added, “We have to make sure that our economy goes well through these difficult times”. 

Also Read | War in Ukraine disrupts key supply chains – and lives

Already, the fight in the breadbasket of the world has put pressure on countries that look to Ukraine to import their grain. Notably, Germany has the largest economy in all of Europe. The sanctions that are being imposed on Russia from NATO allies, and European Union (EU) members, has hurt both sides.

Germany is dealing with the impact of these sanctions and the trade choke up due to the war. Now, with the US having banned Russian oil import, the EU is being forced to follow suit as well. However, they are largely dependent on Russia, and a country like Germany would definitely feel this impact. 

Notably, Russian President Vladimir Putin had earlier warned the countries imposing sanctions that they’d be hurt by these actions too. Putin has also urged countries to resume or maintain trade normalcy with Russia, even as Kremlin has acknowledged the way President Joe Biden’s sanctions have hurt the Russian economy. 

Russia’s actions in Ukraine were also condemned by Scholz and King Abdullah, who urged Putin to withdraw the troops and cease violence. 

Also Read | China says it’s ‘impartial’ on Ukraine, denies aiding Russia

While NATO members have been specific about not wanting their troops to engage in direct conflict with Russians, they have also actively pushed back against Putin’s government through sanctions. This has included sanctioning individual oligarchs too, which has made some speak out against Russia’s actions in Ukraine.