In a brink of heavy dependable load over coal and oil, Germany, on May 02 supported the European Union embargo on Russian oil. It was the biggest customer shift for Russia to face within days. Christian Lindner, the pro-business FDP said to Die Welt newspaper that it is possible to forgo Russian imports immediately.
Against all the odds, Russia’s energy exports are the biggest source of income that has been long exempt from international sanction. In the other words, EU countries are funding the Kremlin war effort by transactioning hundreds of millions of euros every day.
Robert Habeck of the Greens, the Economy Minister, talked to reporters before talking with his EU colleagues in Brussels. He was certain that Germany supports the oil ban on Russia. Although it is a tough decision for Germany not to do that. Christian Linder, the Finance Minister also affirms this, the fuel price could rise, so it is possible for Germany to forgo the ban.
The country has done the effort by reducing the share of Russian oil imports to 12% for 35% since the first invasion of Ukraine. But since it was a tough decision for Germany, the country predicted that it may take months to set free from Russian crude. Germany does this effort to minimize economic impact at home.
In Germany, the Eastern parts rely too much on Russian oil.
They depended on the company called Rosneft, Russia’s state-owned company. It is actually a friendship pipeline between the countries running thousands of miles to oil fields in Siberia. Banning Russia’s natural gas is actually more difficult than finding another source of oil. The EU has rejected paying in rubles. Meanwhile, Russia has demanded highly for EU customers to pay for gas using Russian currency. Just last week, Russia has minimized supplies to Poland and Bulgaria.
