Germany: the era of cheap fuel is over

German Economy Minister Robert Habeck said on Monday he had heard different things about the Russian oil embargo and some European countries were against.

The German Economy Minister indicated that some European countries are not independent in the oil sector and “we do not want to cause an economic disaster”.

He also said: “We must realize that the era of using cheap fossil fuels is over,” according to “Reuters”.

Two EU diplomats said the bloc was keen to impose a ban on Russian oil imports by the end of the year, following talks between the European Commission and EU member states over the weekend.

EU energy ministers to hold emergency talks on Monday as the bloc seeks to respond in unison to Moscow’s demand that European buyers pay for Russian gas in rubles or cut off supplies.

And on Sunday, Germany, one of the European countries most dependent on Russia in the field of energy, announced that it has already managed to significantly reduce its dependence on Russian energy sources, especially coal and oil.

And the German Ministry of Economy announced in a report that the dependence of Europe’s largest economy on Russian oil imports has declined to 12% in recent weeks, up from 35% previously, while coal imports from Russia have dropped to 8% from 50% so far.

On the other hand, the ministry said that dependence on Russian gas remains high, although it also dropped to 35% compared to 55% before the start of the Russian invasion of Ukraine on February 24.

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