(TruthandLiberty.com) – With the Russian war on Ukraine showing no signs of ending despite outrage from leaders globally, the list of countries imposing sanctions continues to grow. German Foreign Minister Annalena Baerbock told BBC her country has dedicated itself to joining the cause, but it will take some time to cut off its reliance on Russian oil completely. Leaders plan to have sustainable replacement sources by the end of the year.
Currently, Germany buys about 25% of its oil and roughly 40% of its natural gas supply from Russia. The country hopes to halve its dependence on Russian oil by summer, phasing out the rest in the following months. Germany also plans to tackle its natural gas supply, although officials predict that shift could take two to three years.
Germany will cut off Russian oil imports by the end of 2022, a move that comes as European leaders discuss new energy sanctions against Russian oil https://t.co/ElKQXYpdCF pic.twitter.com/BRGgCSEsPF
— Newsmax (@newsmax) April 21, 2022
Forbes reports German leaders are currently negotiating with Qatar to help fill the natural gas demand. According to Reuters, Germany is also discussing fuel options with the Netherlands and is working on increasing its domestic fuel and renewable energy options.
At the moment, Germany buys about $1 billion in Russian oil daily, so the ban’s effects on the Kremlin would likely lead to immediate and severe consequences. Unfortunately, everyone else would also feel the pinch. Fuel shortages are hurting people worldwide, with skyrocketing prices and no relief in sight. Experts say domestic oil prices will increase by about 65% if Germany follows through, the move could devastate Americans who are already struggling to keep their tanks filled.
Copyright 2022, TruthandLiberty.com