Home News The Bundestag called the embargo on oil from Russia a threat to...

The Bundestag called the embargo on oil from Russia a threat to the German economy


The Russian oil embargo is detrimental to the German economy. About this in interview Steffen Kotre, a member of the German Bundestag committee on climate protection and energy, told Izvestia.

“We are already experiencing production constraints simply because of high energy prices. The deindustrialization of Germany will accelerate. Some medium-sized enterprises have said that they will have to raise their prices by 20-30% due to rising energy prices, and that this will make them less competitive than foreign competitors,” the deputy noted.

According to him, from an economic point of view, Germany, moreover, cannot do without Russian gas.

“There are alternatives, but full replacement will take time, since the supplier countries have long-term contracts with other customers. Finding new and more expensive exporters will take a year or two,” the politician added.

In an interview with Izvestia, the deputy also spoke about how anti-Russian sanctions affect the industry of Germany and Germany’s chances to again become a mediator in the negotiations between the Russian Federation and Ukraine.


Please enter your comment!
Please enter your name here