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Germany ready to support Russian oil ban, but wants to avoid "economic catastrophe"

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Germany and the European Union want to avoid an “economic catastrophe” by “thoughtlessly” imposing an embargo on Russian oil, German Economy Minister Robert Habeck said on Monday in Berlin.

He later told reporters in Brussels, Belgium that Germany would be able to weather an EU embargo on Russian oil imports by the end of this year even though a stoppage could result in shortages, ahead of a meeting with his EU counterparts in Brussels.

"It would help if we (had) some weeks or months, more time to do all the preparations, meaning technical preparations. We have to find some ships that carry oil from west to east, we have to prepare the harbours, we have to prepare the pipelines," Habeck said.

The comment came as the European Commission is expected to propose the sixth package of EU sanctions this week against Russia over its invasion of Ukraine, including a ban on buying Russian oil - a move that would cut off a large revenue stream to Moscow, but which has so far divided EU countries.

EU countries have paid more than 46 billion euros to Russia for gas and oil since it invaded Ukraine on Feb. 24, according to research organization the Centre for Research on Energy and Clean Air.

For more info, please go to https://globalnews.ca/news/8802723/eu-russia-oil-sanctions-exemptions-ukraine-war/

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Category
U.S. & Canada
Tags
global news, Ukraine, Russia
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