Germany has decided to completely stop Russian oil imports by the end of this year, even if the EU fails to impose a complete Russian embargo, Bloomberg reported, citing German government officials.
According to the government officials, who wished to stay anonymous, the government is busy sealing deals with alternate suppliers, and all the problems related to logistics will be solved in the next six or seven months.
Recent statistics from the economy ministry in Berlin suggest that Russia’s share of German crude consumption has already declined to 12 percent from about 35 percent following the Ukrainian invasion.
Even though several EU nations are supporting a complete Russian embargo, diplomats have floated a delay in the phased-in oil ban after Hungary objected to the move, stating that it is too damaging for its economy.
