Germany is highly dependent on exports from Russia. (representative)
Berlin, Germany:
Germany on Wednesday shrugged Russia’s ban on oil sales to countries and companies that abide by a price cap agreed by Western allies, saying it has “no practical significance”.
“I wouldn’t say it’s irrelevant, but it has no practical significance,” said an economy ministry spokeswoman, adding that Germany has been preparing to do without Russian oil since early summer.
Berlin has been working to ensure security of supply that “remains guaranteed whether this decision is issued or not”.
Germany relied heavily on Russian energy, but was forced to get rid of crude oil, coal and gas from the energy giant after Moscow invaded Ukraine.
The $60 per barrel price cap agreed by the European Union, the G7 and Australia came into effect in early December and seeks to limit Russia’s revenues while ensuring Moscow continues to supply the global market.
Introduced alongside an EU embargo on Russian crude oil deliveries by sea, the cap is intended to ensure that Russia cannot circumvent the embargo by selling its oil to third countries at high prices.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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