Germany Oil Embargo On Russia To Tip Country Into Recession

Germany has said it was prepared to back an immediate EU embargo on Russian oil, in a major shift by Germany that analysts say would tip its economy into recession.

The EU has propose another round of sanctions over the invasion of Ukraine this week- and the oil embargo is possibly on the menu.

Russia supplies 40% of EU gas and 26% of its oil imports and Germany is its biggest energy customer.

However, Economy Minister Robert Habeck said earlier Monday his country was ready.

“Germany is not against an oil ban on Russia. Of course, it is a heavy load to bear, but we would be ready to do that.”

Also on Monday, the EU warned that complying in full with Moscow’s demand that countries effectively pay for gas in roubles, or face losing their supply… would breach existing EU sanctions.

“The (European Union) member states and the companies should not have any illusions that they can rely on the good faith of Gazprom and the Russian regime in this matter.”