Only President Putin will be happy to read this finding: His attack on Ukraine almost completely destroyed the economic hopes in the German boardrooms.

The greatest economic risk for the women and men in power is now the dependency on Russia's energy supplies, which was not an issue six months ago.

The vast majority expect supply bottlenecks in winter.

Concerns about the supply chains disrupted by the pandemic, the war itself and the high inflation rate are only some distance behind.

These are the results of the current elite panel, for which the pollsters from Allensbach interviewed 467 top executives from companies, politics and administration on behalf of the FAZ and the magazine "Capital".

Heike Goebel

Responsible editor for economic policy, responsible for "The Order of the Economy".

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The difference to the summer of a year ago could hardly be greater.

At that time, 89 percent had expected an upswing, now 80 percent are counting on the economic downturn.

Only during the great banking crisis of 2008 was the mood even darker.

"In view of the concentration of problems, it's no wonder," says Allensbach boss Renate Köcher.

The war caused a reality shock.

Not only have energy security been misjudged, but also supply chain disruptions and the impact of inflation.

Köcher points out that the heavy dependence of German industry on China is now being viewed more critically in the light of Putin's aggression.

Four years ago, a third of the decision-makers were careless, now almost everyone is worried - but also at a loss.

The vast majority of decision-makers consider calls to rapidly reduce dependence on China business unrealistic.

Even with a time horizon of ten years, 42 percent of business leaders fear serious consequences.

The immediate concern now is the impending lack of energy.

One in three of the entrepreneurs and managers surveyed expects energy to become scarce in their own company.

One in four companies state that they are heavily or very heavily dependent on Russian oil or gas.

Only a good half of the dependent companies see "great opportunities" to get out of this bind within two years, the others fear bigger problems or don't yet dare to make an assessment.

The EU has so far shied away from a gas embargo, mainly due to pressure from the federal government.

The leaders from business and administration share the political concerns.

Their verdict is almost unanimous: If Germany had to do without Russian gas in the short term, it would cause “great difficulties”.

On the other hand, a majority seems to be able to cope with an oil embargo in the short term, but here too the EU is playing it safe for the time being with the decision to stop imports for a few months.

Although the elites are skeptical about the benefits of the previous sanctions, most of them already rate the disadvantages for the German economy as great.

Köcher is therefore surprised that only 5 percent of those surveyed are pushing for a relaxation, almost half are even in favor of tightening the sanctions and the majority praise the traffic light coalition's policy on Ukraine.

The minority, which is less or dissatisfied, primarily criticizes too hesitant politics, wants more arms deliveries and better information.

At least two-thirds of the leaders surveyed by Allensbach are in favor of the delivery of heavy weapons to Ukraine.

That there could be a normalization of relations with Russia as long as Vladimir Putin is in power,