Europe faces 'severe recession' if Russia cuts off gas

Leading think tank warns Europe faces ‘severe recessionif Russia cuts off gas exports to the continent

Europe faces a ‘severe recessionif Russia cuts off gas exports to the continent, a leading think tank has warned.

경제경영연구센터 (세브르) said a deep recession would be a ‘near certainty’.

Russia’s state energy company Gazprom has already cut exports through the NordStream pipeline by around 60 퍼센트.

Crisis: Russia's state energy company Gazprom has already cut exports through the NordStream pipeline by around 60 퍼센트

Crisis: Russia’s state energy company Gazprom has already cut exports through the NordStream pipeline by around 60 퍼센트

Planned maintenance this month is seen as an opportunity for Putin to shut it down.

CEBR forecasters said: ‘Putin seems intent on forcing the hand of European states, convinced that stopping gas exports will hurt Western countries more than it will cost Russia.

This would lead governments to shut down industrial sites.

The CEBR estimates the risk of a recession in Europe this winter at 40 퍼센트.

The UK uses a smaller portion of its gas to power industry and would be insulated from the impact of a shortage.