Germany to Cut Off Russian Oil Imports by Year End
By CAROLINE DOWNEY
April 20, 2022 11:38 AM
Germany announced Wednesday that it plans to end oil imports from Russia by the end of the year and will then begin phasing out Russian gas imports, charting a path to energy independence from Moscow amid its ongoing invasion of Ukraine.
“I therefore say here clearly and unequivocally yes, Germany is also completely phasing out Russian energy imports,” German Foreign Minister Annalena Baerbock said after a meeting with representatives from the Baltic states Wednesday.
“We will halve oil by the summer and will be at zero by the end of the year, and then gas will follow, in a joint European roadmap, because our joint exit, the complete exit of the European Union, is our common strength,” she added.
The European Union unveiled new sanctions against Russia this week, including a ban on coal imports beginning in August, in retaliation for the country’s aggression. European countries like Germany have started to reduce their reliance on Russian energy given the volatility the market has experienced since the war on Ukraine began. The European Union imports about 40 percent of its gas and 27 percent of oil from Russia, according to CNN.
“We are actively working to get independent from the import of (Russian) oil and we think that we will be able to make it during this year,” Chancellor Olaf Scholz said during a press briefing in London with British Prime Minister Boris Johnson, Reuters reported.
Last month, Scholz defended Europe’s exemption of energy supplies from sanctions imposed on Russia, noting the continent’s dependence on oil and gas imports to support electricity and heating needs.
“At the moment, Europe’s supply of energy for heat generation, mobility, power supply and industry cannot be secured in any other way,” Scholz said. “It is therefore of essential importance for the provision of public services and the daily lives of our citizens.”
In February, Germany suspended the approval process for the Nord Stream 2 natural-gas pipeline, which was set to go online this year, in response to Russia’s attack on Ukraine.
Domestic gasoline prices skyrocketed by 18.3 percent in March, accounting for over half of the total monthly 1.2 percent seasonally-adjusted increase in inflation. A significant part of the surge has been attributed to the conflict in Ukraine, although inflationary pressures were mounting for at least a year prior due to pandemic supply chain issues.
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