• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 days Does Toyota Know Something That We Don’t?
  • 5 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 day America should go after China but it should be done in a wise way.
  • 7 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 8 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 8 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 7 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 8 days Putin and Xi Bet on the Global South
  • 8 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 9 days United States LNG Exports Reach Third Place
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Germany To Halt Russian Coal Imports Next Month

Germany will stop importing Russian coal from August 1 and crude oil from December 31, the country's deputy finance minister, Joerg Kukies said today, as quoted by Reuters.

"We will be off Russian coal in a few weeks," Kukies said at the Sydney Energy Forum, which is taking place this week.

"Anyone who knows the history of the Druzhba pipeline, which was already a tool of the Soviet empire over eastern Europe, ridding yourself of that dependence is not a trivial matter, but it is one that we will achieve in a few months," he added.

Kukies admitted, however, that replacing Russian hydrocarbons, not only in Germany, will be no easy task, citing the fact that together, the United States and Qatar could only supply some 30 billion cu m of natural gas equivalent to Europe, which imports more than 150 billion cu m of Russian gas annually.

Despite the challenge, Germany is in a rush to build LNG import terminals so it can replace at least part of Russian gas imports with liquefied gas from abroad. The problem here is, however, tightening supplies, with Freeport LNG in the U.S. offline until at least September, and Shell's Prelude in Australia shut down amid industrial action.

Demand for gas in Germany and Europe as a whole remains strong as governments seek to fill up their gas storage caverns ahead of the next heating season. Germany, specifically, is also on edge after Gazprom stopped the flow of gas via the Nord Stream 1 pipeline this week for regularly scheduled maintenance. Fears are that it will not turn the taps back on once the maintenance is done.

The suspension of coal and oil purchases from Russia is a result of sanctions the EU placed on Moscow earlier this year, providing buyers of the commodities with a temporal cushion of six months for each, so they could stock up on coal and oil before the respective embargos kicked in.

By Irina Slav for Oilprice.com


More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Mamdouh Salameh on July 13 2022 said:
    It doesn’t make an iota of difference if Germany stops importing Russian coal and crude oil.

    China is already buying all the coal Russia can provide and importing more than 2 million barrels a day (mbd) of Russian crude not to mention the huge deliveries of Russian gas and LNG to the Chinese market. So while Russia is raking in cash, Germans are having to pay staggering energy bills and could suffer a harsh winter to boot.

    Prior to the Ukraine conflict, Russia was providing 200 billion cubic metres (bcm) of piped gas and 15-16 million tonnes (mt) of LNG to the EU annually. This compares with 21.75 mt (30 bcm) of LNG as the maximum that both the United States and Qatar could provide.

    Therefore, Russian gas supplies are irreplaceable and the EU is deluding itself and conning its people by talking about drastically reducing its dependence on Russian gas.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News