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Germans Support Sanctions On Russia Even If Energy Prices Soar

Most Germans support sanctions against Russia over the invasion of Ukraine, even if the measures lead to energy supply bottlenecks and increase the cost of living, according to a survey by infratest dimap commissioned by public broadcaster ARD.

A total of 66 percent of Germans are concerned that the Russian invasion of Ukraine will lead to cuts in German power and gas supply. An ever higher percentage of Germans, 69 percent, are concerned there will be another major war in Europe.

Despite the concerns of reduced gas and power supply, 68 percent of Germans support sanctions against Russia, the survey found. Sixty-six percent support sanctions even if they lead to high energy prices and cost of living.

Just before the war in Ukraine, a survey by the Federation of German Industries, BDI, showed that nearly one-fourth of Germany’s medium-sized enterprises fear they might not survive the soaring energy prices.

Following Putin’s invasion of Ukraine, Germany—Europe’s largest economy—announced an overhaul of its energy strategy, aiming to reduce reliance on Russian gas, which accounts for 50 percent of German gas consumption.

Germany announced it was changing course “in order to eliminate our dependence on imports from individual energy suppliers,” German Chancellor Olaf Scholz said on Sunday. Germany will build two LNG import facilities, at Brunsbuettel and Wilhelmshaven, and look to speed up the installation of renewable energy capacity to have 100-percent renewable power generation by 2035

On Thursday, German Economy Minister Robert Habeck said he would not advocate for an embargo on Russian oil and gas imports.

“We need these energy supplies to maintain the price stability and energy security in Germany,” Habeck said, as quoted by Deutsche Welle.

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By Charles Kennedy for Oilprice.com

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