According to the German Chancellor, Olaf Scholz, a Western embargo on Russian oil and gas imports, is unlikely to stop the war in Ukraine.
Recently interviewed by German newspaper Der Spiegel, Scholz said: “I don’t think that a gas embargo would stop the war. If Putin were open to economic arguments, he would never have started this insane war.”
Germany relies heavily on Russian oil and gas, upwards of 55 percent of the country’s needs in fact. The Germans have been feeling the pressure to put a full embargo on Russia, but with no legitimate alternatives, they are stuck with the Russians for at least the time being.
Ukrainian President Volodymyr Zelenskyy, said last week that those who are still purchasing Russian oil and gas were making money “out of blood.”
The German economy is not looking like it is doing very well and it was publicized by the German Central Bank, that the economy could shrink by a whopping 5 percent more than previously expected if they go ahead with the embargo.
He said: “That would have huge consequences for our country, for the whole of Europe, and would also severely impact the financing of Ukraine’s reconstruction. So, it’s my responsibility to say: ‘We can’t allow that’.”
The CEO of Deutsche Bank, said a recession was unavoidable if Germany cuts off Russian oil and gas and other commodities. Economists have estimated that the economy could drop by 220 billion euros or 6.5 percent of its gross domestic product.
The European Union has already agreed to stop importing Russian coal later this year, but has not announced an embargo on gas and oil products.
Germany and other parts of Europe are desperately trying to find alternatives to buying from Putin, but the reality is, renewable energy and the like, are not as reliable, nor does it have the capacity to power a continent that half freezes during the winter.
The EU wants to “diversify” supplies and Germany is expected to at least halve its imports of Russian oil and gas by the end of 2022.
Germany also halted the plans that were in place for the Nord Stream 2 pipeline, a vital artery between Russian oil manufacturers and the rest of Europe and about a third of all gas and oil imports into the EU has come from Russia according to the International Energy Agency.
It seems, any decisions that have been made during the Russia-Ukraine war, have been done in haste and the long-term, far-reaching consequences, have not been carefully considered.
If the European Union gets this wrong, there will be a painful winter coming at the end of 2022.
This is a direct result of Joe Biden’s meddling in the politics in Ukraine since 2014 when he was VP . Joe and Hunter were heavily invested in gas company fraud and milking Ukraine like thier cash cow . The big guy profited big time from thier corruption in Ukraine and destabilized the region and string up trouble with Putin . Ya Joe owns thos BS in Ukraine its him and Hunters mess that the world is expected to clean up now ! FJB LETS GO BRANDON FJB
You are right with Biden – But don’t forget: WHO WAS HIS BOSS?
HE IS THE FIRST ONE WHO MUST GO TO GITMO!
The Biden’s have messed up our world. Time to get rid of them all of them, out of our politics and put them in prison
where they belong.
In reply to the 2 proceeding comments Have agree with both and would also like to add that a full investigation should be done. Restitution should be made by Biden Family for corruption money made as well as prison time. Joe Biden should also be held accountable for the way Russian-Ukraine war has been going, his a little too late approach is beyond question.
What needs to happen at warp speed is for the corrupt Biden administration to pull their heads out of clean energy and open up gas and oil drilling in the US expediting leases and permits. First of all to make us energy independent and then be able export gas and oil to Germany and other countries dependent on Russian gas and oil. However, at this stage in the war, this will not happen fast enough. Exporting the necessary US-produced oil and gas could’ve been done before or immediately after the war started if the Democrats wouldn’t have made the US dependent on foreign oil and Biden wouldn’t have allowed the Nord Stream 2 pipeline to resume construction. Trump has put a halt to it. This war would’ve never gotten started if Trump was still in power.