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Will An Embargo of Russian Oil Happen?
Germany will support the European embargo on Russian oil, which will be another important turn in the positions of the countries as the invasion of Ukraine continues. Germany’s representatives in the European Union will no longer oppose a total embargo on Russian oil as long as Germany has time to secure alternative supplies.
Oil prices rose on Thursday after Germany no longer opposes an embargo on Russian oil, which could further restrict supplies to an already tight global crude oil market. Will this be enough for other NATO allies to also commit to the embargo?
Germany will support the European embargo of Russian oil, marking another significant turnaround in the nation’s position as the invasion of Ukraine continues. Economics Minister Robert Habeck said Friday that Germany has made significant progress in reducing its dependence on Russian gas, oil, and coal imports since Russia’s invasion of Ukraine.
Ambassadors will reportedly table the proposal at an ambassadors summit in Brussels on Wednesday, with expectations to approve the embargo by the end of next week. Germany has resisted such an embargo, but government sources told the German news agency DPA on Sunday that Chancellor Olaf Scholz will back the embargo.
Scholz previously urged caution against any outright ban over concerns of the consequences, which he believed would prove devastating to Germany’s economy and the continent as a whole.
But Germany has reportedly managed to significantly reduce its reliance on Russian oil over the past eight weeks: Germany took 35% of its energy from Russia but has dropped that to just 12%, according to Energy Minister Robert Habeck.
The reversal from Germany, which had been one of the main opponents of the EU severing oil and gas trade with Russia, comes after Berlin struck a deal with Poland to import oil by way of one of its Baltic Sea ports, according to that report. “msn.com“
Germany has made the most progress in reducing its dependence on oil and coal supplies from Russia. Germany has taken 35% of Russia’s energy resources away from Russia but has reduced its dependence on oil to just 12%, according to Energy Minister Robert Habeck. “globalnews.ca“
Over the past eight weeks, Germany has reportedly succeeded in significantly reducing Russia’s dependence on oil. The energy crisis is particularly acute in Germany, which receives about half of its natural gas and coal and more than a third of its oil from Russia.
Poland, for example, has announced it will ban imports of all Russian oil, gas, and coal by the end of this year, while Germany and Austria are laying the groundwork for natural gas rationing. By autumn, Germany says that Germany wants to eliminate all exports of Russian coal by the end of this year.
It will no longer be importing Russian oil; The bloc said it would consider restrictions on Russian oil in the near future. The European Commission has unveiled plans to limit Russian gas imports by about two-thirds by the end of the year. According to German Foreign Minister Annalena Baerbock, before the end of the summer, Germany will stop importing Russian energy resources, including coal.
The statement of Robert Habeck comes after German Foreign Minister Annalena Baerbock said that Berlin seeks to end the import of Russian energy in the shortest time.
She further stated that they have outlined a plan to cut off coal and oil imports from Russia. According to Baerbock, Germany will stop importing Russian energy resources, including imports of coal by the end of the summer. “republicworld.com“
Now the waiting game starts. With Germany agreeing to an oil embargo will it be enough to get the other no’s to change to yes’s? This Invasion by Russia (Putin) which there were no threats to Russia from Ukraine could be the biggest regret Putin endures. He isn’t going to play nice with his legacy at risk.
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