
German industry rejects extension of sanctions to Russian energy imports
A boycott on Russian natural gas, oil and coal would lead to disastrous consequences, the head of one of the largest economic interest groups has said. German Chancellor Olaf Scholz shares a similar opinion.
The German industry rejects a ban on Russian energy imports, Siegfried Russwurm, president of the Federation of German Industries told a German news agency. In his view, an import ban would be a more severe punishment for Germany and the European Union than for Russia.
„Debates over a European energy embargo against Russia are a play with fire. A ban on energy carriers would lead to dramatic consequences in terms of industrial value creation, supply chains and security of supply. It is impossible to replace energy imports overnight. About a third of the oil and more than half of the natural gas currently used in Germany come from Russia,”
Siegfried Russwurm pointed out, reaffirming German Chancellor Olaf Scholz’s stance.
Die deutsche Industrie lehnt ein Embargo auf russische Energielieferungen ab. „Debatten um ein europäisches Energieembargo gegen #Russland sind ein Spiel mit dem Feuer“, sagte der Präsident des Bundesverbands der Deutschen Industrie, Siegfried Russwurm. https://t.co/bfqcyOttZf
— RND (@RND_de) March 8, 2022
Mr Scholz has recently announced that the German government aims to continue business cooperation with Russia in the area of energy supply.
„Europe has intentionally excluded energy supply from the sanctions against Russia. The energy needed for heat generation, mobility, electricity supply and the operation of the industry cannot currently be ensured in any other way.
the German chancellor said.
Germany rejects import ban while Russia threatens gas embargo:
Chancellor Scholz says Russian energy supplies “essential” as fears of halt to trading loom https://t.co/BtONYYdPlb #UkraineWar pic.twitter.com/XiSePvR0UP
— Clean Energy Wire (@cleanenergywire) March 8, 2022
Meanwhile, US President Joe Biden announced a US ban on the import of Russian energy sources. Oil prices increased further in the wake of Mr Biden’s announcement, with the price of Brent Crude – an international reference point – rising by 5 per cent to 130 dollars a barrel.
BREAKING: Pres. Biden announces U.S. ban on Russian oil imports.
„Today I’m announcing the United States is targeting the main artery of Russia’s economy…The American people will deal another powerful blow to Putin’s war machine.” https://t.co/ZwdF5mLC2a pic.twitter.com/x9dW6zxDL5
— ABC News (@ABC) March 8, 2022
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