According to Deputy CEO of Deutsche Bank, Karl von Rohr, Germany’s inflation rate could reach 10% if energy imports are limited.

Read more: German Minister: Mass poverty in Germany if Russian gas and oil boycotted

The banker told the Allgemeine Sonntagszeitung in an interview that "Our forecast is that we will be at an inflation rate of 7 to 8 percent over the course of the year. In the event that energy imports are more limited, we could even see 10 percent and more."

He warned that Germans should brace for inflation not witnessed "since the 1970s."

In March, Germany's annual inflation rate hit a new high of 7.3 percent.

Joachim Nagel, President of the Deutsche Bundesbank, stated earlier this month that average annual inflation in Germany might reach 6% by 2022.

According to a study done by the Frankfurter Allgemeine newspaper and released earlier this week, more than half of Germans oppose an immediate ban on Russian oil and gas imports.

Read more: Deutsche Bank: Sanctions on Russia will create serious gas supply issues

The United States is leading a bid to abandon Russian energy, with President Biden imposing a ban on the import of Russian gas, oil, and coal, which caused energy prices in the US to surge and severely impacted the purchasing power of Americans.

The EU itself is trying to cut ties with the Russian energy industry, as Germany and many of its allies are shifting their energy policies to be less reliant on Russia even if it costs them a fortune.

However, despite condemning Moscow's actions in Ukraine, Germany has been transparent about its opposition to sanctions or political pressure that would bring about a full energy embargo, with only a few countries banning energy imports from Russia, like the United States and the United Kingdom.