Germany will stop buying Russian coal on August 1, oil in December

Russia previously supplied 40 percent of Germany’s coal and 40 percent of its oil, Deputy Finance Minister Joerg Kukies said on July 13 at the Sydney Energy Forum, hosted by the Australian government and the International Energy Agency.

“Anyone who knows the history of the Druzhba oil pipeline, which was already a tool of the Soviet empire over Eastern Europe, freeing ourselves from this dependence is not a trivial matter, but it is one that we will achieve in a few months.” said Cookies.

He added that the main challenge ahead will be filling the massive gap that will be left in gas supplies after Germany and the entire European Union give up Russian supplies, which now amount to 158 billion cubic meters a year.

Radio Free Europe writes that Germany is moving quickly to develop liquefied natural gas (LNG) import terminals to help ease the gas supply gap.

Kukies said the United States and Qatar could together supply about 30 bcm of gas in the form of LNG to Europe, but that a large gap would still remain.

“We cannot wish for this problem to go away,” he said.

Meanwhile, the United States and its Group of Seven (G7) allies are working on new measures to reduce Russia’s ability to finance its war in Ukraine, while at the same time seeking to lower the price of oil and gasoline. because growth at such levels could hit the global economy, putting a cap on the price of Russian oil purchases.

US Treasury Secretary Janet Yellen is visiting Indo-Pacific countries to lobby for the proposal.

In Tokyo on July 12, Yellen and Japanese Finance Minister Suzuki Shunichi said the two countries had agreed to explore “the feasibility of price caps where appropriate.”

The G7 proposal is to link financial services, insurance and oil cargo transportation with a price ceiling.

A shipper or an importer can only access these services if they commit to a certain maximum price for Russian oil.

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