Ukraine war: Germany ‘has no objection’ to Russian oil ban – as EU considers latest sanctions move | World News

Two senior ministers have suggested that Germany would be willing to support the European Union’s ban on Russian oil imports.

The comments come as EU officials prepare to announce the latest round of sanctions this week – which could include a call for a ban by the end of the year.

It is the latest sign that Olaf Scholz, the chancellor of Germany, has changed his cautious approach to excluding the country from Russian energy, even if it comes with economy prices.

Economy Minister Robert Habeck said that Germany would support an EU-wide ban, regardless of whether the shutdown is immediate or at the end of the year.

“Germany is not against an oil ban on Russia. Of course, it’s a burden to bear but we will be ready to do it,” Habeck told reporters in Brussels before talks with foreign ministers. EU colleagues.

Finance Minister Christian Lindner, of the pro-business Liberal Democratic Party, said the German economy could withstand an immediate ban.

“With coal and oil, it is now possible to give up Russian imports,” Lindner told WELT broadcaster.

“It cannot be ruled out that fuel prices could rise.”

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New oil sanctions from EU

Two EU diplomats said late last week that the bloc was aiming for a ban on Russian oil by the end of the year as part of a sixth package of sanctions aimed at the country.

Sanctions could include exemptions for countries like Hungary and Slovakia, which are heavily dependent on Russian crude oil.

EU officials also warned anyone who complied with Moscow’s demand to pay their gas bills in rubles would be in breach of existing sanctions.

If the latest package includes an embargo on Russian oil purchases, Moscow will be deprived of a significant source of revenue.

Russia supplies 40% of EU gas and 26% of oil imports.

‘Price will go up’

Despite concerns from some in the 27-member bloc, support for an oil ban from Europe’s largest economy suggests resistance to such a proposal is waning.

Before Russia invaded Ukraine in late February, Germany cut Russia’s oil market share in the country from 35% to 12%.

Germany is currently struggling to find alternative fuel supplies, especially for Russian oil that goes through pipelines to the Schwedt refinery, which supplies the eastern regions of Germany, as well as Berlin metropolitan area.

Mr Habeck, of the Green Party, said there was “no solution yet” for how to replace this.

“We cannot guarantee that the supply will be continuous,” he added.

“There will certainly be price spikes and there will be some outages. But that doesn’t mean we’re going to have an oil crisis.”

Mr Habeck said it would give “weeks or months to do all the preparatory work” before a total ban.

UK ‘tokenistic’ ban

Greenpeace has labeled the UK’s ban on Russian-owned or operated ships as “encrypt”, with eight £220m worth of imported oil tankers having arrived in the UK since invasion begins.

Russia supplies 18 percent of the UK’s diesel, which is used mainly in cars and heavy transport, as well as agricultural and fishing vehicles.

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Britain has pledged to phase out Russian oil by the end of the year in a bid to cut “a precious source of income” for Moscow.

Greenpeace says this year-end ban comes too late, with analysis from the organization showing how much money can reach Moscow before the ban took effect.

Russia has demanded that payments for oil be made in rubles in an attempt to bolster its falling currency, which has been hit hard by sanctions.