Germany signals green light for Russian oil embargo

By Oliver Towfigh Nia

BERLIN (AA) - The German government said Monday that it is ready to support a European Union ban on Russia oil.

Foreign Minister Annalena Baerbock told the German ARD broadcasting network that her country is "prepared" to get by without Russian oil for several years since it now has new supply contracts.

A few weeks ago, an immediate halt to deliveries would not have been possible, Baerbock said.

Meanwhile, Economic Minister Robert Habeck warned that an embargo would not go unnoticed in Germany either.

There will be high price jumps. The changeover could also mean loss of time, said Habeck, referring to an oil refinery in the town of Schwedt which is controlled by Russian state-owned oil company Rosneft.

But an embargo no longer means that Germany is slipping into an "oil crisis," the minister added.

Habeck urged all EU countries to reduce their dependence on Russian energy as quickly as possible.

"Solidarity with Ukraine now requires that deliveries of fossil fuels from Russia be reduced quickly and drastically," Habeck said on the sidelines of a special meeting in Brussels Monday of EU ministers responsible for energy.

The respective dependencies of the countries must be taken into account, but the efforts must be pushed forward together, he added.

Hungary, which is heavily dependent on Russian energy, had threatened to reject sanctions on Russian oil supplies.