Russia’s suspension of natural gas service to Poland and Bulgaria won’t do immediate damage to the European economy, but Europe could face a sharp slowdown of growth if the cutoff spreads to other countries — or if Europe imposes an embargo on Russian gas, economists said.

Russia’s war on Ukraine is already rippling through Europe, lashing energy prices and hurting manufacturers just as the bloc was recovering from a pandemic-induced recession. The International Monetary Fund last week cut its 2022 forecast for the countries that use the euro to 2.8 percent, from a 3.9 percent estimate in January, with Germany, the largest economy, taking a big hit.

The euro fell Wednesday below $1.06 for the first time in five years on rising concerns about energy security and a slowdown in European growth. The currency has slumped nearly 4 percent against the U.S. dollar in April alone.

The action this week by Gazprom, Russia’s oil…

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