O. Solz: The West must find alternative energy sources beyond Russia

German Chancellor Olaf Solz said the West must work “very hard” to find alternative energy sources beyond Russia, as discussions on possible sanctions intensify.

Speaking to CNBC at the Munich Security Conference, Solz stressed that much of the West depends on Russia’s energy supplies.

“There are a lot of oil, coal and gas exports from Russia to many countries, there is also a lot of oil exports to the United States,” he said on Saturday.

“Therefore, we all have to work very hard to create a situation where we have alternatives. It is also necessary to make good cooperation possible and to return to a situation where there is no such confrontation. That is why we are working.”

Russia was the largest supplier of gas and oil to the European Union last year.

Solz rejected the Ukrainian president’s calls for sanctions to be imposed on Russia now, saying Moscow should not be sure “exactly” how the West would react to a possible invasion.

He said the Western allies were “well prepared” to impose sanctions on Russia – and quickly – if it invaded Ukraine. But he said such measures should remain the last resort, in the hope of finding a peaceful solution to the ongoing tensions.

“It’s better to say we do it then than to do it now, because we want to avoid the situation,” he said, referring to possible sanctions against Russia. “We want to go in the direction where peace has a chance.”

Russia has repeatedly denied plans to invade Ukraine, but many Western officials said this week that the country was actively increasing its military presence on its border with Ukraine.

Solz did not specify what sanctions could be imposed on Russia in the event of an invasion of Ukraine. Instead, he said, Moscow should be aware of “about” and not “exactly” the consequences.