Germany to stop Russian oil imports by year end
Germany plans to stop importing Russian oil by the end of the year even if the European Union fails to agree on an EU-wide ban in its next set of sanctions, Bloomberg reports, citing government officials.
Efforts to seal deals with alternative suppliers are progressing at the chancellery in Berlin and the government is confident it can solve remaining logistical problems within the next six to seven months, according to the officials, who spoke on condition of anonymity.
With European Union foreign ministers meeting in Brussels on Monday to discuss the next round of sanctions, EU diplomats have floated a delay in the phased-in oil ban after Hungary objected, saying the step would be too damaging to its economy.
German Chancellor Olaf Scholz’s government is determined to push ahead with its national plan as part of Europe’s penalties on Russia for its invasion of Ukraine, the officials said. The government hasn’t said which countries would make up the shortfall.
Russia’s share of German crude consumption has already declined to 12% from about 35% before the war in Ukraine, according to the Economy Ministry in Berlin.