Europe’s biggest economy faces wave of bankruptcies — banking chief

Must read

Trump Leaves The Door Open To Run With DeSantis As His VP

Donald Trump did not rule out a ticket that would include popular Florida Governor Ron DeSantis as...

Is Ghislaine Maxwell’s Paltry 20-Year Sentence The End Or Merely The Beginning?

This week, Ghislaine Maxwell was sentenced to a mere 20 years in federal prison for her part in...

Trump To Head To Alaska To Stump For Palin And Tshibaka, Could Add To Endorsed Candidate Wins

Former President Donald Trump will head to Alaska on July 9 to headline a campaign rally that Saturday afternoon...

Biden Wants To Scrap Filibuster To Codify Abortion Into Law – Manchin And Sinema Refuse To Budge

President Biden on Thursday called on the Senate to carve out an ‘exception’ to the filibuster as...

Aggressive sanctions against Russia are sending financial shockwaves through Germany

Germany will be battered with a wave of bankruptcies due to Ukraine-related sanctions against Russia, according to Commerzbank Chief Executive Officer Manfred Knof.

“The energy supply in Germany is at risk, supply chains are breaking down, we have high inflation,” Knof was quoted by the Handelsblatt daily as saying.

According to the executive, almost a third of Germany’s foreign trade has been impacted, forcing companies to navigate complex issues with customers, including surging commodity prices and supply-chain bottlenecks.

“We shouldn’t delude ourselves: the number of insolvencies in our markets will probably increase and the risk provisions of the banks with it,” Knof said.

On Friday, top EU diplomat Josep Borrell said the bloc’s foreign ministers will meet next week should member states fail to reach an agreement by the weekend on banning Russian oil.

Brussels unveiled plans for a Russian oil embargo earlier this week. The measure is expected to come into force within nine months, with the timeframe varying for different petroleum products.

Several EU nations including Hungary, Slovakia and the Czech Republic are seeking an exemption from the ban.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

Trump Leaves The Door Open To Run With DeSantis As His VP

Donald Trump did not rule out a ticket that would include popular Florida Governor Ron DeSantis as...

Is Ghislaine Maxwell’s Paltry 20-Year Sentence The End Or Merely The Beginning?

This week, Ghislaine Maxwell was sentenced to a mere 20 years in federal prison for her part in...

Trump To Head To Alaska To Stump For Palin And Tshibaka, Could Add To Endorsed Candidate Wins

Former President Donald Trump will head to Alaska on July 9 to headline a campaign rally that Saturday afternoon...

Biden Wants To Scrap Filibuster To Codify Abortion Into Law – Manchin And Sinema Refuse To Budge

President Biden on Thursday called on the Senate to carve out an ‘exception’ to the filibuster as...

Dr. Ben Carson Defends Clarence Thomas From Attacks By Hillary: For Liberals ‘Only Thing Worse Than Satan is a Black Conservative’

Dr. Ben Carson responded to racially-tinged criticism from Hillary Clinton directed at Supreme Court Justice Clarence Thomas, suggesting...