Germany will stop buying Russian coal on August 1

Germany will stop buying Russian coal on August 1

Germany has made a decision on coal imported from the Russian Federation. According to a German official, who was in Australia on Wednesday to attend a forum, the changes will take place from August 1.

From August 1, Germany will stop buying Russian coal and will not buy Russian oil from December 31, as the country tries to end its energy dependence on Russia following Moscow’s decision to invade Ukraine.

Russia has so far supplied 40% of Germany’s coal and 40% of its oil, Deputy Finance Minister Joerg Kukies said on July 13 at the Sydney Energy Forum, hosted by the Australian government and the International Energy Agency.

Thus, “Anyone who knows the history of the Druzhba oil pipeline, which was already an instrument of the Soviet empire over Eastern Europe, getting rid of this dependence is not a trivial matter, but it is one that we will achieve in a few months,” he said. Kukies.

Filling the gap, a real challenge

He added that the main challenge that will follow will be to fill the massive gap that will remain in gas supplies after Germany and the entire European Union give up Russian supplies, which currently amount to 158 billion cubic meters per year.

In the energy context, Germany is moving rapidly to develop liquefied natural gas (LNG) import terminals to help reduce the gas supply deficit.

In this regard, Kukies said that the United States and Qatar could jointly supply about 30 billion cubic meters of gas in the form of LNG to Europe, but that there will remain a large gap.

“We can’t just want this problem to go away,” Kukies said.

The US and G7 are looking for new measures to reduce the price of oil

Meanwhile, the United States and its allies in the Group of Seven (G7) are working on new measures to reduce Russia’s ability to finance its war in Ukraine, while trying to reduce the price of oil and gasoline to levels that could affects the global economy by imposing a cap on the price of Russian oil purchases, writes Radio Free Europe, citing Reuters and AP.

Specifically, the US Secretary of the Treasury, Janet Yellen, is on a tour of the Indo-Pacific countries to lobby for the proposal. On July 12, in Tokyo, Yellen and Japanese Finance Minister Suzuki Shunichi said the two countries had agreed to explore “the feasibility of price caps, where appropriate.”

In the financial context, the G7 proposal aims to link financial services, insurance and the transport of petroleum goods to a price ceiling. A shipper or importer could only have access to these services if they undertake to comply with a maximum price set for Russian oil.