Germany to weather Russian oil ban
Top buyers of Russian oil struggling to secure guarantees at Western banks or find ships. PHOTO: REUTERS
Germany would be able to weather an EU embargo on Russian oil imports by the end of this year even though a stoppage could result in shortages, Economy Minister Robert Habeck said on Monday, appearing to throw his weight behind a ban.
Two European Union diplomats earlier said the bloc is leaning towards a ban on imports of Russian oil by the end of the year as part of a sixth package of sanctions against Russia over its invasion of Ukraine.
EU energy ministers will discuss the proposed oil ban in Brussels later on Monday.
“We have managed to reach a situation where Germany is able to bear an oil embargo,” Habeck told a news conference. “This means it won’t be without consequences.”
Germany last month cut the share of Russian oil
to 25% of total imports from 35% before the invasion.
Published in The Express Tribune, May 3rd, 2022.
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