Deutsche CEO Christian Sewing assesses impact of Nord Stream 1’s probable shutdown
© Getty Images / Thomas Lohnes / Stringer
Deutsche Bank CEO Christian Sewing has urged European authorities to take their time when it comes to escalating sanctions against Russia over the military standoff in Ukraine, saying that the measures may have negative impact on the bloc as well.
“We should first let the announced sanctions take effect,” Sewing said, in an interview with Welt am Sonntag, adding that the penalties have been causing enormous damage to the Russian economy.
“However, these sanctions also have a negative impact on us, and we must endure this,” the head of Germany’s largest financial institution said, adding states should be thinking “again and again” before introducing tougher ones.
Sewing stressed that any decision to be taken by European authorities would be supported.
The top manager also criticized the latest proposal to shut down the Nord Stream 1 gas pipeline, as such a development would pose a threat to the energy security of the entire bloc.