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Germany could end Russian oil imports this year, Chancellor Olaf Scholz said on Friday, signaling the urgency driving Europe’s biggest economy to wean itself off energy from Russia.
“We are actively working to get independent from the import of (Russian) oil and we think that we will be able to make it during this year,” Scholz said during a joint press conference in London with British Prime Minister Boris Johnson.
Russia is Europe’s biggest oil supplier, providing 26 percent of European Union (EU) oil imports in 2020. Europe gets roughly a third of its gross available energy from oil and petroleum products, in sectors from transport to chemicals production.
EU countries on Thursday approved a ban on Russian coal imports from August, but are split over whether oil or gas sanctions should follow.
Currently, Europe spends around $450 million per day on Russian crude oil and refined products, according to think-tank Bruegel.
Oil and oil products made up more than a third of Moscow’s export revenues last year.
Sanctioning Russian supply could push up already-high oil prices, which soared to a 14-year peak last month.
