German economy min highlights energy dependence on Russia

USDRUB daily chart

  • We will do everything to ensure Germany’s energy security
  • 35% of our oil comes from Russia
  • We have 90 days of oil reserves
  • 55% of our gas comes from Russia
  • There is no way of avoiding harm to German economy
  • Sanctions aim to hit Russia hard, and Germany as light as possible
  • Gas supply for this year is secure
  • Germany will prepare a gas reserve for next year
  • 50% of our coal comes from Russia
  • We will build up a coal reserve
  • We aim to wean ourselves from fossil fuels as soon as possible

You can imagine that everyone will be filling the storage tanks of everything but that’s a big ask, considering there’s only so much oil and gas to go around.

This certainly sounds like Germany is preparing to cut off Russia energy but I suspect that’s a long-term plan, not a short term one. The next big headlines will be around sanctions packages and the EU is discussing that now.

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