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Germany: Quitting Russian oil by late summer is ‘realistic’


Germany says it’s making progress on weaning itself off Russian fossil fuels and expects to be totally impartial of Russian crude oil imports by late summer

BERLIN — Germany says it’s making progress on weaning itself off Russian fossil fuels and expects to be totally impartial of Russian crude oil imports by late summer.

Financial system and Local weather Minister Robert Habeck mentioned Sunday that Europe’s largest economic system has diminished the share of Russian vitality imports to 12% for oil, 8% for coal and 35% for pure fuel. Germany has been below sturdy strain from Ukraine and different nations in Europe to chop vitality imports from Russia which might be value billions of euros, which assist fill Russian President Vladimir Putin’s conflict chest.

“All these steps that we are taking require an enormous joint effort from all actors and they also mean costs that are felt by both the economy and consumers,” Habeck mentioned in an announcement. “But they are necessary if we no longer want to be blackmailed by Russia.”

The announcement comes as the entire European Union considers an embargo on Russian oil following a choice to ban Russian coal imports beginning in August. The bloc pays Russia $850 million a day for oil and pure fuel and Germany is one in every of its high importers of Russian vitality.

Germany has managed to shift to oil and coal imports from different international locations in a comparatively quick time, that means that “the end of dependence on Russian crude oil imports by late summer is realistic,” Habeck’s ministry mentioned.

Weaning German off Russian pure fuel is a far greater problem.

Earlier than Russia invaded Ukraine on Feb. 24, Germany bought greater than half of its pure fuel imports from Russia. That share is now all the way down to 35%, partly on account of elevated procurement from Norway and the Netherlands, the ministry mentioned.

To additional scale back Russian imports, Germany plans to hurry up the development of terminals for liquified pure fuel, or LNG. The Vitality and Local weather Ministry mentioned Germany goals to place a number of floating LNG terminals into operation as early as this 12 months or subsequent. That is an formidable timeline that the ministry acknowledged “requires an enormous commitment from everyone involved.”

Germany has resisted requires an EU boycott on Russian pure fuel. It additionally watched with fear final week as Moscow instantly halted fuel provides to Poland and Bulgaria after they rejected Russian calls for to pay for fuel in rubles. European officers known as these strikes by Russia “energy blackmail.”

Germany’s central financial institution has mentioned a complete cutoff of Russian fuel might imply 5 share factors of misplaced financial output and better inflation.

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Observe all AP tales on the conflict in Ukraine at https://apnews.com/hub/russia-ukraine.



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