A comprehensive Russian oil embargo would be'manageable,' according to Germany's Habeck.

Prior to the invasion of Ukraine, the share of Russian oil in Germany’s imports was 35%, but now it has fallen to 12%, said Germany’s Economy Minister Robert Habeck late Tuesday.

April 27, 2022 - 02:11 PM 283 views

A comprehensive Russian oil embargo would be'manageable,' according to Germany's Habeck.

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© A comprehensive Russian oil embargo would be'manageable,' according to Germany's Habeck.

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Prior to the invasion of Ukraine, the share of Russian oil in Germany’s imports was 35%, but now it has fallen to 12%, said Germany’s Economy Minister Robert Habeck late Tuesday.

He also added that the continent-wide ban on Russian oil imports would have a great impact on global petroleum trade. Furthermore, it would be possible for Germany to manage a full embargo on Russian oil imports, adding that Berlin is on the right track to find an alternative fuel supply in regards to last month’s EU ban on Russian oil imports.


The Market Reaction

The US dollar is strengthening, while the euro currency is weakening due to renewed energy concerns; as a result, the EUR/USD pair hit a five-year low and traded at 1.0634; the pair now trades at 1.0650.

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