THE Germany is now in favor of imposing a European embargo in the oil market from Russia, said today from Brussels the Minister of Economy and Climate Protection Robert Hubeck, at the same time asking for a transitional period of a few weeks. However, he warned of the risk of rising energy prices for both industry and consumers. “The state can not lighten any extra burden,” he said.
“We have created a situation in which Germany can impose an embargo on Russian oil imports, but that does not mean that the supply cut will leave the country unaffected – especially in the east,” Habeck said.
According to the “Progress Report” presented by the Ministry of Economy, Germany’s dependence on Russian oil has been reduced from 35% to 12% and mainly concerns the oil that ends up at the Svend refinery in Brandenburg, which belongs to Rosneft, is associated with the Russian pipeline Drusba (Friendship) and supplies fuel to the greater Berlin area. A letter from the city of Svend to the Minister of Economy was published today, in which he expresses concern about the possibility of an embargo. “We were stunned by your announcements,” local officials wrote. The area refinery currently employs more than 1,200 people.
“The situation there will be somewhat difficult, in case of a sudden interruption. And we can not promise that the supply will always be guaranteed. “There will certainly be big price jumps or supply delays, among other things, but as a country we will not fall into an oil crisis,” Mr Habeck said.
The minister also acknowledged that the consequences of an oil embargo on Russia could not be predicted, as prices could skyrocket worldwide and all oil exporters – including those in Russia – would benefit. “If Putin earns more money by selling less oil, then we have made a hole in the water,” said Robert Habeck.
Consumers in Germany will have to adjust to rising prices, the minister said, as the state can not absorb all the increases. “This is the bitter hard truth,” he added, predicting problems in fragile supply chains, high raw material costs and a shortage of skilled workers. “These are crises that are now piling up on top of each other,” he explained, noting that the middle economy is under pressure. “The pandemic, the expensive energy and the lack of staff are now combined very badly,” he said.
Mr Habeck, however, called on European Union countries to reduce their dependence on Russian energy as soon as possible. “Solidarity with Ukraine now requires a rapid and drastic reduction in fossil fuel supplies from Russia,” he said on the sidelines of the EU’s emergency energy council. Stop the war and go home! “
Source: News Beast

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