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Germany Poised to Take Own Action Against Russia

OIL

Germany's economic minister Robert Habeck said today that all EU countries must reduce oil dependency on Russia:

  • “That includes Hungary. If you take that as the basis of discussion, then an agreement should be possible. If you include other topics into the question of an oil embargo it will be very, very difficult,” Habeck said at Group of Seven talks today in Berlin, as well as “I know that intensive discussions are ongoing. In five days we have the next EU Council, I assume that that is the corridor in which either an agreement is reached or one will have to consider other instruments.”
  • Senior EU officials had voiced their optimism of a breakthrough in talks with Hungary this week but talks have again failed to make any breakthrough as Hungary is resolute that the move would severely damage its economy dis proportionally to other EU nations.
  • Hungarian Prime Minister Viktor Orban told the EU not to attempt to agree the oil embargo when EU country leaders meet next week at a summit in Brussels.
  • Hungary has said they require around 750 million euros in the short term to move away from Russian oil.
  • Germany have said they plan to go ahead with their plans to ban Russian oil imports regardless of whether a deal with the EU is reached in a move that could undermine the EU’s ability to work as a unanimous force. This could be what Habeck is referring to as 'other instruments'.
    • Energy BulletsCommodities
    Energy BulletsCommodities

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