OREANDA-NEWS. The European Union will take further steps to put sanctions on the Russian Federation, German Economy Minister Robert Habeck warned. It is reported by TASS.

“I firmly believe that we can go much further. We have seen how effective the current sanctions are,” the head of the German department explained.

As Khabek noted, there are a number of technological products whose supplies can be stopped.

According to the forecasts of the Minister of Germany, it is expected that the fifth sanctions package will be approved “this week”.

Earlier in Germany, they announced the risks of a recession if they refuse Russian oil and gas. This was stated by the head of Deutsche Bank Christian Sewing, reports Reuters.

“The situation would become even worse if imports or supplies of Russian oil and natural gas were stopped. In this case, a significant recession in Germany would be almost inevitable,” said Sewing.

According to him, German banks are waiting for a slowdown in the country's economic development to 2% by the end of 2022.

Zewing added that in this case, the state needs to implement measures to support companies, and also called on the European Central Bank to take measures to combat rising prices.

Russia also predicted record profits in the face of sanctions. Bloomberg calls the expected figures for trade and balance of payments “brilliant”.