10:30 a.m .: Sanctions on Russian gas would have a “massive” impact on the economy
An embargo on Russian gas imports would have a “massive” impact on the European economy and would particularly affect industry, the president of French energy giant Engie, Jean-Pierre Clamadieu, warned on Thursday.
“Today what must be weighed is of course all the moral and political reasons which would push towards new sanctions vis-à-vis Russia and then the massive impact that would have on the economy European Union a halt to imports of Russian gas,” he said on Radio Classique.
“If imports of Russian gas stopped, we would probably be able to replace about half of it, but the rest, in the very short term, should be achieved, obtained, compensated by a reduction in consumption, particularly in the industrial sectors” , said the president of the French energy giant. “The impact on the European economy, not in the coming months but during next winter, would be very significant,” insisted Jean-Pierre Clamadieu.