Home / Market Update / Commodities / Germany no longer opposes embargo of Russian oil imports
Germany
Germany

Germany no longer opposes embargo of Russian oil imports

Germany has dropped its opposition to an embargo on Russian oil imports, government officials reportedly said according to the WSJ. According to the WSJ, this “clears the way” for a wider EU ban on oil imports from Russia, given that Berlin had been one of the main opponents on an embargo up until now.

The change in stance comes after Russia earlier in the week cut off gas flows to Poland and Bulgaria after the two countries refused to pay for the gas in roubles, as has been Russia’s demand. EU officials accused Moscow of using fossil fuels to blackmail Europe over its support of Ukraine.

Germany recently made a U-turn on its policy of military support for Ukraine and will now send heavy weaponry to the country as it seeks to hold off Russian aggression that is primarily concentrated in its East and South.

Check Also

Bitcoin Faces Continued Pressure Amid Fed’s Hawkish Stance

Bitcoin traded marginally lower on Monday, reflecting ongoing caution among investors as macroeconomic uncertainties and …