Leading economic institutes in Germany are warning that Europe's biggest economy would experience a deep recession if it stops importing natural gas from Russia.

The joint forecast comes from the Ifo Institute and four other research bodies.

They say Germany's economy would lose a total of 220 billion euros, or roughly 240 billion dollars, by the end of next year in case the gas supplies are shut off.

The loss is equivalent to more than 6.5 percent of Germany's annual gross domestic product.

The vice president of the Kiel Institute for the World Economy, Stefan Kooths, said the shockwaves from the war in Ukraine are weighing on economic activity.

He also said if gas supplies were to be cut off, the German economy would undergo a sharp recession.

German officials have been discussing a possible embargo of Russian gas, as part of tougher sanctions against Moscow.

The institutes also believe that German GDP will grow only by 1.9 percent this year and contract by 2.2 percent in 2023.