BASF to cut 2,600 jobs as energy crisis puts Germany on track for recession

Chemicals company says disruption from Ukraine war, rising costs and inflation will continue this year

The German chemicals company BASF has said it will cut 2,600 jobs as Europe’s largest economy braces for recession triggered by the energy crisis that intensified after Russia’s full-scale invasion of Ukraine a year ago.

The year was “dominated by the consequences of the war in Ukraine and in particular by increased raw material and energy prices”, BASF said in a statement on Friday. It paid additional energy costs of €3.2bn (£2.8bn) globally during 2022.