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German Fin Min-Immediate Withdrawal From Russian O&G Impossible

ENERGY SECURITY

Die Zeit reporting comments from German Finance Minister Christian Lindner stating that an 'immediate withdrawal from Russian oil and gas is not possible'. Comes after comments this morning from European Council President Charles Michel to the EU Parliament plenary session stating that EU sanctions on Russian O&G would likely come 'sooner or later'.

  • Lindner states that an immediate withdrawal would risk German social stability, arguing that "We can't be responsible for that,"
  • Germany, as well as other sizeable Russian energy-reliant EU states such as Italy and Austria, viewed as key obstacles to EU efforts to significantly reduce intake of Russian hydrocarbons into the bloc.
  • German plans at present have a 50% reduction in Russian oil intake by the end of summer, while plans for reducing consumption of Russian gas stretch over an even longer time horizon with plans to create two new LNG terminals set to be completed in two years according to ministers.
Political RiskCommoditiesPolitical Risk BulletEnergy BulletsPower Bullets
Political RiskCommoditiesPolitical Risk BulletEnergy BulletsPower Bullets

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