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Vice Chancellor: Germany Can Half Russian Oil Imports By Summer

GERMANY
markets-real-timePolitical RiskPolitical Risk BulletBulletMarketsFixed IncomeForeign ExchangePolitical Market News

German Vice-Chancellor and Economy Minister Robert Habeck has stated this morning that Germany can half Russian oil imports by summer. He went onto say that Germany can halt Russian coal imports fully by the autumn, oil imports fully by year-end, and become 'largely independent' of Russian gas imports by 2024.

  • Philip Oltermann at the Guardian tweets: "Economic minister Habeck gives progress report on his government's effort to wean Germany off Russian energy imports. Reliance on Russian coal down from 50% to 25%, oil from 35% to 25%, and gas from [55%] to 40%. Germany still reliant on Russian gas until mid-2024, however."
  • Habeck's comments come as focus at the ongoing European Council summit in Brussels turns to energy prices across the bloc. Clash between largely southern EU 'interventionists' led by Spain's Pedro Sanchez arguing for major interventions to keep a lid on household energy costs. Opposed by largely northern 'free marketeers' led by Germany and Netherlands arguing that intervening in the market while prices are so high and volatile risks suppliers not selling to the EU.
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German Vice-Chancellor and Economy Minister Robert Habeck has stated this morning that Germany can half Russian oil imports by summer. He went onto say that Germany can halt Russian coal imports fully by the autumn, oil imports fully by year-end, and become 'largely independent' of Russian gas imports by 2024.

  • Philip Oltermann at the Guardian tweets: "Economic minister Habeck gives progress report on his government's effort to wean Germany off Russian energy imports. Reliance on Russian coal down from 50% to 25%, oil from 35% to 25%, and gas from [55%] to 40%. Germany still reliant on Russian gas until mid-2024, however."
  • Habeck's comments come as focus at the ongoing European Council summit in Brussels turns to energy prices across the bloc. Clash between largely southern EU 'interventionists' led by Spain's Pedro Sanchez arguing for major interventions to keep a lid on household energy costs. Opposed by largely northern 'free marketeers' led by Germany and Netherlands arguing that intervening in the market while prices are so high and volatile risks suppliers not selling to the EU.