# EU says full Russian gas halt would slash GDP
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-07-20
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: EU warns of 1.5% GDP drop from Russian gas cut-off
Meta Description: European Commission urges EU member states to cut gas use by 15% to offset potential impact of Russian gas cuts in cold winter weather.
URL: https://financedigest.com/eu-says-full-russian-gas-halt-would-slash-gdphtml

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By Kate Abnett

BRUSSELS (Reuters) – A full cut-off of Russian gas supplies to Europe, combined with a cold winter, could reduce average EU gross domestic product by up to 1.5% if countries do not prepare in advance, the European Commission said on Wednesday.

The European Union executive proposed a voluntary target for member states to cut gas use by 15% until March, to prepare for potential further gas cuts from Russia. It said a full [Russian cut-off in an average winter could reduce average EU GDP by up to 1% if countries fail to prepare](https://www.financedigest.com/exclusive-germany-prepares-crisis-plan-for-abrupt-end-to-russian-gas-sources.html "Exclusive-Germany prepares crisis plan for abrupt end to Russian gas – sources").

(Reporting by Kate Abnett; editing by Foo Yun Chee)


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