According to Chancellor Scholz, sanctions on Moscow are “painful” for the German economy.
On Tuesday, German Chancellor Olaf Scholz acknowledged that economic sanctions imposed by the West against Russia had a detrimental effect on his nation.
Speaking to German businessmen, he stated that the “extraordinary sanctions” the West had placed on Moscow were “working.” However, the chancellor acknowledged that they are also “painful” for the German economy, especially for the nation’s energy companies.
In light of the country’s goal for energy independence from Russia, deputy chancellor and minister of the economy Robert Habeck issued a warning this month, advising Germans to prepare for challenging autumn and winter owing to soaring prices.
He claims that costs are already sky-high and that during the forthcoming heating season, “many people will have much bigger bills than usual.”