Energy supply becoming a problem for businesses in Hamburg; survey

The energy supply and the sanctions imposed on Russia are among the toughest challenges for businesses in Hamburg, according to a  snap survey of 216 companies by the Chamber of Commerce from March 2-4, 2022. Many companies are expecting long-term, indirect repercussions. Around 70 per cent of those surveyed said rising energy and raw material prices pose the greatest risk while 44 per cent expect problems from restricted energy supply. Around four out of ten companies are concerned about restrictions in the cross-border movement of goods and possible cyberattacks.

Energy prices and sanctions among challenges 

"Even before the Russian leadership's war on Ukraine, high energy prices posed a problem for many companinies in Hamburg and in some cases led to restricted production," said Dr Malte Heyne, CEO of the Chamber of Commerce. "Hamburg's economy needs security of supply for its energy needs at competitive prices and reliable sources of raw materials. The issue must now be given top political priority." The rapid and consistent expansion of renewable energies is crucial.

The sanctions imposed on Russia are also causing uncertainty, the survey found. More than a fifth of those surveyed are  affected by the exclusion of Russian banks from SWIFT which provides services for executing international transactions and payments. Around 16 per cent of companies have been impacted by the ban on the sale, supply, transfer or export of certain goods and technologies.
tn/sb/pb