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Tuesday, March 21, 2023

Cutting Russian energy imports triggers economic crisis

EconomyCutting Russian energy imports triggers economic crisis

Berlin (Times Of Ocean)- German Chancellor Olaf Scholz said that immediately cutting Russian energy imports would trigger an economic crisis.

Olaf Scholz, however, claims cutting off Russia’s coal imports is possible by this year as energy imports from Russia could be reduced quickly.

During his Sunday night’s interview with ARD, Scholz underlined immediately cutting off Russian gas imports would trigger a recession, as economists slashed growth forecasts for Europe’s largest economy.

On Thursday, he rejected Moscow’s demand that the EU and U.S. pay for Russian gas in rubles, arguing that most existing gas purchase agreements require payment in either euros or U.S. dollars.

Germany’s energy minister Robert Habeck told reporters Monday that “all G-7 ministers agreed completely that this (would be) a one-sided and clear breach of the existing contracts.”

“Germany is putting the certifying process for the controversial Nord Stream 2 gas pipeline from Russia on hold in reaction to Moscow’s actions in Ukraine,” he addressed.

‘Putin has gotten the opposite of what he wanted,’ said the German chancellor.

“Putin really thought that Russian forces would be welcomed in Ukraine,” but, in fact, the whole of Ukraine grew together as a nation,” he added.

The German chancellor also declared Putin’s invasion of Ukraine strengthened NATO’s willingness to protect its eastern wing.
He, however, stressed neither NATO nor U.S. President Joe Biden sought regime change in Russia.

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