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Volkswagen AG's chief executive officer has warned that a prolonged war in Ukraine risks being "very much worse" for the European regions economy than the coronavirus pandemic, the Financial Times reported.

The interruption to global supply chains "could lead to huge price increases, scarcity of energy and inflation", CEO Herbert Diess told the newspaper.

The German automaker's head also said Europe faces huge threat of higher inflation from prolonged conflict in Ukraine. Volkswagen did not immediately respond to a Reuters request for comment.

Carmakers, including Volkswagen, BMW and Porsche, are struggling to obtain crucial wire harnesses as suppliers in western Ukraine have been shuttered by the Russian invasion, forcing them to curtail production.

Earlier this month, Volkswagen halted its business in Russia, stopped vehicle exports to the country and suspended production at its Kaluga and Nizhny Novgorod sites.

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