Germany dismissed Russia’s restriction on selling oil to nations and businesses who adhere to a price cap set by Western allies on Wednesday, claiming it has ‘no practical significance.’
A spokesman for the economy ministry stated, ‘I would not like to suggest that it is meaningless but it has no practical relevance,’ and added that Germany has been preparing to live without Russian oil since early summer.
Berlin has been making efforts to guarantee supply security, which ‘continues to be secured whether or not this directive has been published.’
Germany had been heavily dependent on Russian energy, but after Moscow invaded Ukraine, it was compelled to gradually wean itself off of the power giant’s petroleum, coal, and gas.
Early in December, the $60 per barrel price cap agreed upon by the European Union, G7, and Australia went into effect. Its goal is to limit Russia’s revenue while ensuring that Moscow continues to supply the international market.
The restriction, which was introduced concurrently with an EU embargo on seaborne exports of Russian crude oil, intends to prevent Russia from getting under the embargo by selling its oil to third parties at exorbitant prices.