German Bank Executive Says To Expect German Bankruptcies Due to Sanctions against Russia

RT reported on May 8 that the Commerzbank CEO Manfred Knof has warned that Germany will be battered with a wave of bankruptcies due to Ukraine-related sanctions against Russia. Knof was quoted by German business daily Handelsblatt as saying, “The energy supply in Germany is at risk, supply chains are breaking down, we have high inflation…. We shouldn’t delude ourselves: the number of insolvencies in our markets will probably increase and the risk provisions of the banks with it.” He remarked that already, almost a third of Germany’s foreign trade has been impacted, including surging commodity prices and supply-chain bottlenecks.