Quitting Russian oil by late summer ‘realistic’, says Germany

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"1">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>Germany has said it is making progress on weaning itself off Russian fossil fuels and expects to be fully independent of Russian crude oil imports by late summer&period;<&sol;p>&NewLine;<p>Economy and climate minister Robert Habeck said on Sunday that Europe’s largest economy had reduced the share of Russian energy imports to 12&percnt; for oil&comma; 8&percnt; for coal and 35&percnt; for natural gas&period;<&sol;p>&NewLine;<p>Germany has been under strong pressure from Ukraine and other nations in Europe to cut energy imports from Russia that are worth billions of euro&comma; which help fill Russian president Vladimir Putin’s war chest&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;All these steps that we are taking require an enormous joint effort from all actors and they also mean costs that are felt by both the economy and consumers&comma;” Mr Habeck said in a statement&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;But they are necessary if we no longer want to be blackmailed by Russia&period;”<&sol;p>&NewLine;<p>The announcement comes as the entire European Union considers an embargo on Russian oil following a decision to ban Russian coal imports starting in August&period;<&sol;p>&NewLine;<p>Germany has managed to shift to oil and coal imports from other countries in a relatively short time&comma; meaning that &OpenCurlyDoubleQuote;the end of dependence on Russian crude oil imports by late summer is realistic”&comma; Mr Habeck’s ministry said&period;<&sol;p>&NewLine;<p>Weaning Germany off Russian natural gas is a far bigger challenge&period;<&sol;p>&NewLine;<p>Before Russia invaded Ukraine on February 24&comma; Germany got more than half of its natural gas imports from Russia&period; That share is now down to 35&percnt;&comma; partly due to increased procurement from Norway and the Netherlands&comma; the ministry said&period;<&sol;p>&NewLine;<p>To further reduce Russian imports&comma; Germany plans to speed up the construction of terminals for liquified natural gas&comma; or LNG&period;<&sol;p>&NewLine;<p>The energy and climate ministry said Germany aimed to put several floating LNG terminals into operation as early as this year or next&period;<&sol;p>&NewLine;<p>This was an ambitious timeline that the ministry acknowledged &OpenCurlyDoubleQuote;requires an enormous commitment from everyone involved”&period;<&sol;p>&NewLine;<p>Germany has resisted calls for an EU boycott on Russian natural gas&period; It also watched with worry last week as Moscow immediately halted gas supplies to Poland and Bulgaria after they rejected Russian demands to pay for gas in roubles&period;<&sol;p>&NewLine;<p>European officials called these moves by Russia &OpenCurlyDoubleQuote;energy blackmail”&period;<&sol;p>&NewLine;<p>Germany’s central bank has said a total cutoff of Russian gas could mean five percentage points of lost economic output and higher inflation&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ed2e7fe6da9">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; 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