Germany set to back urgent EU ban on Russian oil

Germany would be willing to support an immediate EU ban on Russian oil imports. According to two senior officials in chancellor Olaf Scholz’s ministry, and Europe’s largest economy could weather shortages and price spikes.

The remarks by Finance Minister Christian Lindner and Economy Minister Robert Habeck are the latest indication that Mr Sholz is abandoning his cautious stance toward Russia and is willing to support sanctions against Moscow, even if they have domestic economic consequences.

Mr. Habeck of the Greens, who is an environmentalist, said in Brussels that Germany would support an EU ban, regardless of whether it was implemented immediately or by the end of the year.

“Germany is not against an oil ban on Russia. Of course it is a heavy load to bear but we would be ready to do that,” Mr Habeck told reporters before talks with his EU colleagues. Before Russia attacked Ukraine on February 24, Germany reduced its reliance on Russian oil to 12% from 35%.

It is attempting to secure alternate fuel supply, particularly for Russian oil delivered by pipeline to a refinery in Schwedt run by the Russian state corporation Rosneft.

The German economy, according to Mr. Lindner of the pro-business Free Democrats, could withstand an immediate ban. Mr Linder stated, “It can’t be ruled out that fuel prices could rise,”

Mr Habeck stated that the biggest problem for Schwedt was to find alternate oil deliveries. Schwedt supplies east German districts as well as Berlin.

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