Germany is unprepared to impose an energy embargo on Russia, the German Economy Minister, Robert Habeck, said Thursday.
Speaking at a news conference, Habeck said his country would maintain efforts to diversify its energy sources, vowing to never again become dependent on one energy supplier.
Habeck stressed that although Germany is trying to quickly wean itself off Russian fossil fuels, “it is not ready to impose an energy embargo on Russia.”
According to Habeck, in the event of a complete ban on energy imports from Russia, supply shortages and higher inflation next winter would ensue.
Russia supplies 55% of Germany's natural gas, 35% of its crude oil, and 45% of its coal.
In the meantime, Germany is in talks with LNG majors, Norway and Qatar, to reduce dependence on Russian gas.
With a lack of LNG terminals, which are stopping it from directly importing LNG from Qatar, Germany plans to construct LNG terminals in the northern coastal cities of Brunsbuttel and Wilhelmshaven in the next two years.
Although the EU plans to impose fresh sanctions on Russia, which might directly target the Russian oil sector, some EU countries, including Germany, are hesitant to apply sanctions on the Russian oil and gas sector.
The bloc had slapped Russia with numerous sanctions earlier in March. However, these excluded the energy sector. The US and UK unilaterally banned Russian oil imports, while Russia on Wednesday announced its plan to seek payments in rubles for Russian energy resources from "unfriendly countries."
US President Joe Biden is due to participate in a series of meetings in Brussels beginning on Thursday, including a NATO summit and European Council meeting, to discuss ongoing western concerns on Russia's war in Ukraine.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr