Commerzbank, one of Germany’s biggest corporate lenders, warned of “a chain reaction with unforeseeable consequences” for the economy, in the wake of a serious shortage of natural gas supplies, the Financial Times (FT) reports on Wednesday.

Key quotes

Warns of a “severe recession” in the country if Russia cut off gas supplies, saying it could trigger an economic crisis similar “to the one that occurred after the financial crisis in 2009”.

The rationing of gas would then “probably be inevitable.”

“The impact of shortages would spread quickly through the German economy since natural gas is not just a crucial source of energy but also an important raw material used in other industries.”