Economy Minister: Germany Could Be Free of Russian Oil by Summer

By late summer, Germany expects to be completely free of Russian oil imports by reducing its dependence on Russian fossil fuels.

Robert Habeck, Economy and Climate Minister, added that Russia now contributes to just 12% of Europe’s oil consumption, 8% of coal consumption, and 35% of natural gas imports. Ukraine and other European countries urge Germany to reduce its energy imports from Russia.

“All these steps that we are taking require an enormous joint effort from all actors and they also mean costs that are felt by both the economy and consumers,” said the minister in a statement. “But they are necessary if we no longer want to be blackmailed by Russia.”

Following a resolution to restrict Russian coal consumption in August, the EU is considering an oil embargo against Russia. One of Europe’s largest consumers of Russian energy, Germany, pays Russia $850 million a day for oil and natural gas.

Due to Germany’s quick transition away from Russian crude oil imports, the ministry Habeck believes that “the end of dependence on Russian crude oil imports by late summer is realistic.”

Russia supplied more than half of Germany’s natural gas before Russia invaded Ukraine on February 24. According to the ministry, this percentage has dropped to 35% as a result of increased purchases from Norway and the Netherlands.

Germany intends to speed up the development of LNG facilities in order to significantly reduce Russian imports. Germany’s Energy and Climate Ministry has stated that numerous floating LNG terminals could be operational within the next year or two. The ministry also admitted that meeting this ambitious deadline “requires an enormous commitment from everyone involved.”

Germany has resisted EU efforts for a gas boycott of Russia. Following Russia’s decision to instantly cut off gas supplies to Poland and Bulgaria last week, the European Union was on alert. Those measures by Russia were described by European officials as “energy blackmail.”

Original source material for this article taken from here