© . German Economy Minister and Vice Chancellor Robert Habeck speaks in the plenary hall of the German House of Commons, or Bundestag, during a debate on the federal budget in Berlin, Germany, March 24, 2022. REUTERS/Michele Tantussi
BERLIN () – Germany has made significant progress in reducing its exposure to Russian gas, oil and coal imports since Russia invaded Ukraine, Economy Minister Robert Habeck said Friday. Germany is trying to rid itself of Russian energy in the wake of the Ukraine crisis, but this is an uphill battle after decades of relying on Russia for energy supplies. Habeck said Russian oil imports now account for 25% of German imports, down from 35% before the invasion, and gas imports have been cut to 40% from 55%. Russian coal imports fell to 25% from 50% before the invasion. “The first major milestones to free us from the grip of Russian imports have been reached,” he said. By this summer, the share of Russian gas imports will fall to 24%, but he said it could be until the summer of 2024 before Europe’s largest economy no longer depends on Russian gas. Habeck said achieving that goal would require a massive effort from government, states, municipalities, businesses and consumers. He said utilities are working hard to tackle decades-long reliance on Russian pipelines. In recent weeks, the minister has visited gas producers such as Qatar and Norway to ask them to increase supplies to Germany. Utilities Uniper and RWE are working on liquefied (LNG) terminals to bring sea gas into the country. The European Union and the United States will unveil a deal to supply Europe with more liquefied natural gas (LNG) from the US, sources have told . President Joe Biden, who attended the EU leaders’ summit in Brussels on Thursday, pledged that the United States would supply Europe with at least 15 billion cubic meters (bcm) more LNG this year than previously planned, sources familiar with the matter said. . Germany has made the most progress in reducing its reliance on oil and coal shipments from Russia. Habeck said German companies could have diversified quickly by canceling contracts, letting them expire or signing new ones with alternative parties. Germany could halve its reliance on Russian oil by the summer and this could be cut completely by the end of the year. Power plants that burn Russian coal will be able to run out of Russian supplies as early as the fall of 2022. Habeck said that while it was too early for an immediate energy embargo, “any supply contract terminated will hurt Putin.” Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data. Fusion Media or anyone associated with Fusion Media accepts no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.