PublicWire | Emerging Market Stock News
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
No Result
View All Result
PublicWire
No Result
View All Result

Home » Energy » Germany Speeds Up Time Frame For Ending Russian Oil Dependence

Germany Speeds Up Time Frame For Ending Russian Oil Dependence

by PublicWire
May 1, 2022
in Energy
Reading Time: 5 mins read
0

Topline

Germany could end its reliance on Russian oil by the close of summer, the country’s Federal Ministry of Economics and Technology reportedly announced Sunday, stepping up its previous timeline by at least three months—barely three weeks after the European Union announced a ban on Russian coal imports.

Key Facts

The ministry said a German oil embargo taking effect near the end of summer following “a sufficient transition period” would be manageable, according to a government report released Sunday and translated by Bloomberg.

The announcement came 11 days after German Foreign Minister Annalena Baerbock said the country planned to halt all Russian oil imports before the end of the year and eventually stop importing any energy from Russia—though Germany may not succeed in ending its reliance on Russian natural gas until 2024, Reuters reported.

The European Union plans to present a ban on Russian oil in a new series of proposed sanctions against Russia sometime this week, a measure supported by Germany, Deutsche Welle reported Sunday, citing unnamed sources.

Ukrainian Minister for Foreign Affairs Dmytro Kuleba tweeted Sunday that Ukraine would press for an oil embargo in the EU’s next raft of sanctions against Russia, after the 27-nation bloc agreed to ban Russian coal last month.

Germany was previously hesitant to support strong sanctions on Russian energy, as Russia provided roughly 55% of Germany’s natural gas imports, 35% of its oil imports and 50% of its hard coal imports for 2021.

However, Germany has since succeeded in cutting Russian fuel down to 25% of its oil imports, 40% of its natural gas imports and 25% of its hard coal imports, Reuters reported in April.

Key Background

Anxiety over Europe’s reliance on Russian fuel predates Russia’s invasion of Ukraine. Shortly prior to the invasion, the White House announced that it was sounding out backup sources of fuel for Europe and asking natural gas producers to temporarily surge output. Days before the invasion began in February, Germany scrapped the still-unopened $11 billion Nord Stream 2 pipeline project, which had the capacity to deliver as much as 55 billion cubic meters of Russian natural gas per year, cutting Russia off from tens of billions of dollars in potential revenue. In March, Germany struck a deal with Qatar to provide supplemental natural gas. However, even with such measures, German energy prices may spike after Russian supplies are cut off.

Further Reading

“Germany Stopping All Russian Oil Imports By End Of 2022, Foreign Minister Says” (Forbes)


This post was originally published on this site

Tags: Breakingbreaking-newsbreaking-ukrainebusinessEnergyUkraine Russia
Previous Post

Germany backs phased ban on Russian oil

Next Post

European telcos seek network investment from big tech and streamers

PublicWire

At PublicWire, we know the vast majority of all investors conduct their due diligence and get their news online in a variety of ways including email, social media, financial websites, text messages, RSS feeds and audio/video podcasts. PublicWire’s financial communications program is uniquely positioned to reach these investors throughout the U.S. and Canada as well as on a global scale.

Related Posts

Energy

Finally Some Good News On Energy: Steve Forbes Praises Major Liz Truss Reform

September 15, 2022
0
Energy

How The Inflation Reduction Act Could Cause A Lithium Crunch

September 15, 2022
0
Energy

Texas Is Primed To Be Our Nation’s Direct Air Capture Hub

September 15, 2022
0
Energy

How Sanctions And Policies Ensure The Energy Crisis Will Only Worsen From Here

September 13, 2022
0
Energy

Research Shows That Renewable Jobs Can Replace Those From Coal

September 13, 2022
0
Energy

Dow Jumps 200 Points As Investors Brace For August Inflation Report And More Fed Rate Hikes

September 13, 2022
0
Next Post

European telcos seek network investment from big tech and streamers

Please login to join discussion

Subscribe To Our Newsletter

Loading
Ad
PublicWire | Emerging Market Stock News 24/7 | Investor Relations US Stock Market

© Copyright 2022 publicwire.com

Navigate Site

  • About
  • Contact Us
  • Disclaimer
  • Watch LIVE
  • Privacy Policy
  • Terms and Services
  • Contributors

Follow Us

No Result
View All Result
  • LIVE Investor News Channel
  • Cannabis
  • Energy
  • Finance
  • General
  • Medical
  • Podcasts
  • Retail
  • Technology
  • Videos

© Copyright 2022 publicwire.com

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.