Russia warns of ‘catastrophic’ fallout if West bans oil imports
Al JazeeraMar 08, 2022
Germany will stop buying Russian coal and oil on Aug. 1 and Dec. 31, respectively, state sec. in the federal chancellery Joerg Kukies announced on Wednesday. The country has been under increasing pressure to end its reliance on Russian energy since the invasion of Ukraine.
Germany's heavy dependence on Russian energy sources has seen it act more slowly than the rest of the EU to cut ties - the nation previously supplied 40% of Germany's coal and 40% of its oil.
Implementing a ban on Russian oil could prompt Moscow to retaliate and use natural gas as a political weapon by halting LNG exports to the EU. Restricting imports of Russian energy will only damage western economies by pushing up oil and gas prices for European consumers, perhaps even pushing Europe into recession, while Russia continues business elsewhere.
The US and its G7 allies are continually discovering new measures to starve Russia's ability to fund its war in Ukraine. They may even mandate a cap on the price of Russian oil purchases, thereby stabilizing prices and the global economy while ensuring Moscow cannot profiteer and continue its international aggression. Sanctions can still play a key role in limiting Russia's capacity in this war.
There is a 6% chance the Nord Stream 2 gas pipeline will be completed before 2025, according to the Metaculus prediction community.