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Robert Habeck (Greens)
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Michael Sohn/AP
Federal Economics Minister Robert Habeck (Greens) wants to use a loan program from the KfW development bank to support companies that are in trouble as a result of the Russian attack on Ukraine.
This is to ensure their liquidity.
The program should be designed in a similar way to KfW aid in the corona pandemic, said Habeck after a meeting with business representatives.
In addition, further relief for the economy and citizens are planned because of the high energy prices.
The Economics Minister also spoke out strictly against an import ban on oil, gas or coal from Russia.
However, Habeck left it open how extensive the loan program should be equipped and what specific relief is planned.
However, Germany can shoulder the burden of his assessment.
"For the German economy, the consequences of the sanctions and the war are clearly foreseeable and can already be felt in parts," said the Green politician, referring to the Russian invasion of Ukraine.
So far, the hope has been that after the corona crisis there will be a stronger upswing in Germany from the second quarter, according to Habeck.
But now the effects of the war would come as a burden.
However, all companies would fully support the sanctions against Russia.
There will only be a recession in Germany if production comes to a standstill.
According to Habeck, 7.4 billion euros of the 20 billion euros invested by German companies in Russia are protected by guarantees: "It's a kind of insurance benefit." The rest, however, are not protected.
There are also Hermes guarantees for export transactions with a volume of eleven billion euros in connection with Russia, for which the state is responsible.
At the same time, the Economics Minister made it clear that Germany does not support calls from other countries for a ban on the import of oil, gas or coal from Russia.
"I would even speak out against it because we are endangering social peace in the republic," said Habeck.
Germany is initially dependent on deliveries of oil, gas or coal.
The dependency on Russia for energy that has built up in recent years cannot be ended in a few months, said the Green politician.
"That's why we need and will keep open the possibility of energy supplies from Russia." This is needed to create price stability and energy security.
However, work is being done to reduce dependency, for example by building up coal and gas reserves.
In addition, efforts to save energy would have to be intensified, demanded Habeck.
Coal-fired power plants that went offline would be held in reserve;
The problem, however, is that they also need fuel.
Energy prices are unlikely to remain as high as they are now, but: »It is very, very likely that we will have to expect higher prices.«
The Greens had already called for a speed limit on motorways and reduced maximum speeds on federal roads and in towns.
This could save more than nine billion liters of petrol and diesel annually, said the Greens chairwoman in the transport committee, Susanne Menge.
fdi/Reuters