Germany said on Monday it was prepared to back an immediate European Union embargo on Russian oil, a major shift from Moscow’s biggest energy customer that could let Europe impose such a ban within days.
Russia’s energy exports – by far its biggest source of income – have so far largely been exempt from international sanctions over the war in Ukraine. Kyiv says that loophole means European countries are funding the Kremlin war effort, sending Moscow hundreds of millions of euros every day.
Chancellor Olaf Scholz, who has been more cautious than other Western leaders in backing Ukraine, has been under growing pressure to take a firmer line, including from within the Social Democrat’s own governing coalition.
“Germany is not against an oil ban on Russia. Of course it is a heavy load to bear but we would be ready to do that,” Economy Minister Robert Habeck, of the Greens, told reporters before talks with his EU colleagues in Brussels.
“With coal and oil, it is possible to forgo Russian imports now,” Finance Minister Christian Lindner of the pro-business FDP told Die Welt newspaper. “It can’t be ruled out that fuel prices could rise.”
Germany had already reduced the share of Russian oil in its imports to 12% for 35% before Russia invaded Ukraine on Feb.24, but had previously said it needed months to phase out Russian crude to lessen the economic impact at home.
via Reuters
