German unions warn Russian energy embargo would shutter industry

German industries such as steel, chemicals and paper would shut down within a matter of weeks if the country decided to cut off imports of energy from Russia, the nation’s biggest industrial unions said.

“Exploding energy prices, but above all a possible gas embargo, would hit energy-intensive industry - the mother of the industrial network - hard,” Michael Vassiliadis, president of Germany’s IGBCE chemical workers union said in a statement.

“The consequences would not only be reduced work hours and job losses, but also the rapid collapse of the industrial production chains in Europe - with worldwide consequences," Bloomberg cited him as saying.