Germany changes its mind, ready to support Russia’s oil sanctions

The Russian flag flies atop a diesel plant at the Yarakta Oil Field, owned by the Irkutsk Oil Company (INK), in the Irkutsk Region, Russia March 10, 2019 – Photo: REUTERS

Germany says it is ready to support an immediate European Union embargo on Russian oil, a decision that represents a major shift in Germany’s stance.

According to Reuters news agency, on May 2, German Economy and Climate Minister Robert Habeck said the country had arranged to be able to support the Russian oil embargo.

According to the Associated Press news agency, Germany previously said that it was making progress in abandoning Russia’s fossil fuels, and hoped to be completely free from dependence on Russian oil by the end of summer. now. Specifically, the country will switch to importing oil and coal from other countries.

Mr. Robert Habeck said Germany has reduced its share of Russian energy imports to 12% for oil, 8% for coal and 35% for gas.

Germany is under pressure from Ukraine and other countries in Europe to cut energy imports from Russia because this indirectly creates funding for Russia’s war in Ukraine.

Before Russia launched a special operation in Ukraine on February 24, more than half of Germany’s gas imports were from Russia.

Representatives of EU member states will meet on May 4 to discuss punishment package with Russia and the approval of sanctions decisions will take place by the end of the week.

To be approved, Russia’s oil ban needs the consensus of all EU member states, but it may be difficult for the EU to reach this consensus.

Hungary is expected to strongly oppose it due to its dependence on Russian oil and close ties to the Kremlin.

The oil embargo is considered sanctions The most important part of the EU’s sixth package of sanctions against Russia. In addition to oil, the package will also include sanctions on Russia’s largest bank, Sberbank, which accounts for 37% of Russia’s banking operations, as well as additional measures against senior Russian officials. Russia.