Head of the Institute for Economics of Germany Hueter: EU countries risk facing a collapse in the gas market

“If the EU countries think only of themselves and cut off gas flows to neighboring countries, the collapse of the European gas market threatens to have devastating consequences for companies and consumers,” he said.

According to Hüter, the shutdown of the industry is “almost inevitable then”.

“The EU must ensure that gas continues to flow between countries even if Russia cuts off gas supplies,” he said.

Earlier, Hungarian Prime Minister Viktor Orban said that sanctions and an embargo on gas from Russia would destroy the European economy.