Germany not ready for Russian gas embargo – official

May 12, 2022 | BUSINESS

The economy minister says that a premature ban could trigger an energy price surge

Germany is not yet ready for a total embargo on Russian gas, the country’s vice-chancellor and economy minister, Robert Habeck, said on Thursday. According to the official, Berlin still has a lot of work to do before taking such a step.

Habeck said that a premature ban of Russian oil imports could “trigger prices and possibly disrupt supply chains.”

“We need to build infrastructure faster” to bring in alternative supplies, the minister noted.

Germany recently set a goal of gradually ending its dependence on Russian energy resources against the backdrop of Moscow’s military operation in Ukraine. Berlin says it plans to replace Russian oil and coal by the end of this year and to quit purchasing Russian gas by 2024.

However, so far the country has been meeting Russia’s recent demand with regard to the new ruble-based gas payment mechanism, with two of Germany’s major gas importers, VNG and Uniper, signaling their readiness to comply.

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