European nations should prepare for a “total shutdown”, Bruno Le Maire said, as the French government identifies companies in need of priority protection and prepares to tell others to close or reduce their use. Speaking at the Rencontres Economiques conference in Aix-en Provence, Mr Le Maire said: “Let’s prepare for a complete cut-off of Russian gas; today that is the most likely option. “You also need to prepare cargo shedding plans, we do. “It means looking very specifically at every company, every sector of employment. Which companies need to reduce energy consumption and which ones can’t.” Mr Le Maire singled out construction and minerals maker Saint-Gobain as the type of company that should be protecting its natural gas supplies. The warning comes as the euro zone is poised to sink into recession regardless of whether the Kremlin turns off the gas taps, according to an economist. Concerns have grown among European nations that a deepening energy crisis could drag Europe into recession, with blackouts and rationing becoming commonplace by winter. ING’s Carsten Brzeski said on Thursday that the eurozone’s long-awaited economic recovery was canceled because none of the risk factors were likely to disappear soon. ING cut its 2022 growth forecast for the region to 2.6% and predicted a recession at the turn of the year. Mr Brzeski said this forecast does not include a complete cut off of Russian gas supplies. He added: “The looming recession, not only in the eurozone but also in the US, together with doubts about eurozone debt sustainability, should prevent the ECB from moving beyond initial normalization, keeping interest rates on hold in 2023”. A stronger backlash over energy is expected as the West continues to arm Ukrainian defenses against a Russian invasion orchestrated by Putin, who claimed earlier this week that Moscow had only just begun its military campaign in the former Soviet nation. Speaking at a meeting with leaders of the Kremlin-controlled parliament on Thursday, the Russian President said: “Everyone should know that, in general, we have not started anything seriously yet. “At the same time, we do not reject peace talks. But those who reject them should know that the longer it goes on, the harder it will be for them to negotiate with us.”
