The federal government is now supporting the EU’s plans for an import ban on Russian oil. Uranium should also fall under the embargo.
- Sanctions against Russia: A new package of sanctions European Union (EU) against Russia in the Ukraine war takes shape.
- Federal government supports sanctions: During the preliminary talks, the federal government in Berlin clearly advocates the introduction of an embargo.
- Embargo against Russia: In addition to an import ban on Russian oil, there could also be a ban on uranium imports.
Update from May 1st, 3:25 p.m.: The federal government has decided on an EU embargo against Russia. In addition to a renunciation of oil, this should also include an import ban on Russian uranium. “It is important that the EU massively reduces its energy dependency on Russia. This includes a ban on imports of Russian nuclear fuel,” an EU diplomat told Politico Europe daily. Russia is the EU’s second largest uranium supplier after Niger. A ban on Russian uranium and Russia’s loss of export earnings would therefore significantly increase the pressure on Putin.
It is not yet clear how quickly the sanctions can be imposed. While the nuclear power plants in Germany are supposed to be closed by the end of this year anyway, other countries are heavily dependent on Russian uranium imports, such as Slovakia. The country gets all of its uranium from Russian nuclear fuel supplies from the TVEL company. Support from France has also been questionable so far: France gets more than 70 percent of its electricity from nuclear power plants and is planning to build more reactors.
Oil embargo against Russia: Federal government supports EU plan
First report from May 1st: Berlin – An energy embargo is discussed again and again in Germany in view of the Ukraine war. The current political situation in the Ukraine require after Minister of Economy Robert Habeck (Green) and other politicians, above all, a renunciation of Russian oil. Apparently that should come sooner than expected.
According to information from the German Press Agency (dpa), the federal government is supporting the Chancellor Olaf Scholz (SPD) European planning for an import ban on Russian oil. In the preliminary talks on a new package of sanctions against Russia, the government in Berlin had clearly spoken out in favor of introducing an embargo, as the dpa learned from EU diplomats in Brussels at the weekend.
Sanctions against Russia in the Ukraine war: Oil embargo increasingly likely
Only Hungary, Austria, Slovakia as well as Spain, Italy and Greece are now holding back a corresponding decision by the European Union (EU). According to the diplomats, countries such as Slovakia and Hungary continue to oppose an import ban, mainly because of their heavy dependence on Russian oil supplies. Spain, Italy and Greece, on the other hand, fear an enormous increase in energy prices for consumers.
But what is behind the change of course in the Federal Republic? Apparently the search for alternative oil suppliers could have been successful. Habeck reported last Tuesday (April 26, 2022) that Germany’s dependence on Russian oil had been reduced from 35 percent before the start of the Ukraine conflict to 12 percent within eight weeks.
New EU sanctions package planned against Russia
According to dpa information, the EU Commission is planning to present the draft for a new package of sanctions against Russia as soon as possible. However, since some states have expressed concerns, an oil embargo could last until autumn or winter.
According to economists, an abrupt halt to oil imports could temporarily cause prices on the world market to skyrocket. Transitional periods could mitigate the effect of an embargo, it said. “It would certainly lead to regional congestion, it would certainly lead to higher prices, there would also potentially be local disruptions. So you can’t say nobody notices. But it would no longer lead to a full catastrophe,” explained Habeck. (kas/dpa)
Meanwhile, the previous sanctions against Russia are apparently having an effect. Russian oil production is declining significantly.
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