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Die Folgen eines russischen Erdgasembargos
[The Consequences of an Embargo on Russian Gas]

Author

Listed:
  • Veronika Grimm

    (Friedrich-Alexander-Universität Erlangen-Nürnberg)

  • Andreas Löschel

    (Ruhr-Universität Bochum (RUB))

  • Karen Pittel

    (ifo Zentrum für Energie, Klima und Ressourcen)

Abstract

Sanctions and their effectiveness are at the centre of the discussion about an appropriate response to Russia’s war of aggression against Ukraine. At the latest since the atrocities of the war became evident and payment for gas supplies in roubles was brought into play, voices calling for a natural gas embargo have been growing. In the discussion about the possible consequences of such an embargo, forecasts vary from serious but manageable effects on economic development to mass unemployment and deindustrialisation. Regarding the short run, the main question is: How much of Russian natural gas supply can be replaced and saved by next winter. We provide an overview of existing analyses on savings and substitution potentials, followed by some fundamental policy principles aimed at dealing with a halt in Russian natural gas supplies.

Suggested Citation

  • Veronika Grimm & Andreas Löschel & Karen Pittel, 2022. "Die Folgen eines russischen Erdgasembargos [The Consequences of an Embargo on Russian Gas]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 102(4), pages 251-255, April.
    • Handle: RePEc:spr:wirtsc:v:102:y:2022:i:4:d:10.1007_s10273-022-3151-2
    DOI: 10.1007/s10273-022-3151-2
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    References listed on IDEAS

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    1. Rüdiger Bachmann & David Baqaee & Christian Bayer & Moritz Kuhn & Andreas Löschel & Benjamin Moll & Andreas Peichl & Karen Pittel & Moritz Schularick, 2022. "What if? The economic effects for Germany of a stop of energy imports from Russia," SciencePo Working papers Main hal-03881469, HAL.
    2. Maximilian Auffhammer & Edward Rubin, 2018. "Natural Gas Price Elasticities and Optimal Cost Recovery Under Consumer Heterogeneity: Evidence from 300 million natural gas bills," NBER Working Papers 24295, National Bureau of Economic Research, Inc.
    3. Christian Bayer & Alexander Kriwoluzky & Fabian Seyrich, 2022. "Stopp russischer Energieeinfuhren würde deutsche Wirtschaft spürbar treffen, Fiskalpolitik wäre in der Verantwortung," DIW aktuell 80, DIW Berlin, German Institute for Economic Research.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Thieß Petersen & Marcus Wortmann, 2022. "Autarkie und Offenheit — Überlegungen zur optimalen Balance einer offenen Volkswirtschaft [Autarky and Openness — Reflections on the Optimal Balance of an Open Economy]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 102(9), pages 709-715, September.
    2. Dertwinkel-Kalt, Markus & Wey, Christian, 2023. "Why Germany's Gas Price Brake Encourages Moral Hazard and Raises Gas Prices," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277575, Verein für Socialpolitik / German Economic Association.
    3. Markus Dertwinkel-Kalt & Christian Wey, 2022. "Why “Energy Price Brakes” Encourage Moral Hazard, Raise Energy Prices, and Reinforce Energy Savings," CESifo Working Paper Series 10163, CESifo.

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    More about this item

    Keywords

    O13; P13; Q43;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • P13 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Cooperative Enterprises
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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