A Russian gas embargo would lead to severe recessions in eastern Europe and Italy if countries around the world hoarded their own scarce supplies, the IMF warned on Tuesday in a bid to encourage solidarity between nations.
The fund predicted that unless liquid natural gas was shared and prices were artificially held down, any Russian action to stop supplying Europe would trigger economic contractions of more than 5 per cent over the next year in the Czech Republic, Hungary, Slovakia and Italy.
Forty-two per cent of the EU’s gas imports come from Russia, according to the IMF. Russian flows provide more than 50 per cent of gas imports for eight EU countries.
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