Russia: Germany sends Soviet-made missiles to Ukraine forces
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In a statement, Mr Scholz pushed back against calls to sanction Russian oil and gas imports to the continent, even as Western powers sanction large parts of the Russian economy. These sanctions have had a major impact on Russia, with the currency sinking to new record lows this morning as the impact of sanctions continues to be felt on the economy.
However, the sanctions have completely avoided Putin’s energy sector, which forms the biggest share of the country’s exports.
Russia is the world’s second top producer of crude oil after Saudi Arabia, and supplies about a third of Europe’s needs.
Meanwhile, around 40 percent of Europe’s gas also comes from Moscow.
Given how much the EU depends on Russia for its energy needs, Mr Scholz warned that sanctioning could put Europe’s energy security in jeopardy.
Mr Scholz said: “All our steps are designed to hit Russia sensibly and to be sustainable over the long term.
“Europe has deliberately exempted energy supplies from Russia from sanctions.
“Supplying Europe with energy for heat generation, mobility, electricity supply and industry cannot be secured in any other way at the moment.
“It is therefore of essential importance for the provision of public services and the daily lives of our citizens.”
Germany has previously dragged its feet over Russian gas, refusing to leverage the controversial Nord Stream 2 pipeline in negotiations with Russia to prevent it from invading Ukraine.
The pipeline would transport gas from Russia to Germany through the Baltic Sea, bypassing Ukraine.
However, he eventually gave in to US pressure and blocked the certification of the pipeline when Putin invaded Ukraine last month.
Mr Scholz continued: “The federal government has been for months working urgently with its partners in the European Union and beyond to develop alternatives to Russian energy.
“This cannot be done overnight.
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“That is why it is a conscious decision on our part to continue the activities of business enterprises in the area of energy supply with Russia.”
Separately, German finance minister Christian Lindner noted that while Germany currently does not intend to stop importing Russian oil, gas and coal, it is keeping the option open.
He told reporters: “This option is of course on the table.
“At this point in time, however, it seems advisable for the sustainability of the sanctions against Vladimir Putin not to take this step ourselves.
“I do not rule out anything for later this year.”
This statement comes as the EU is reportedly ready to pull the plug on all Russian gas and oil imports after Putin invaded Ukraine.
It comes ahead of an “informal” meeting of EU leaders in Versailles this Thursday.
According to political correspondent Gavan Reilly, a “draft declaration” between EU member states has been seen by Bloomberg.
He reports that the EU27 “agree to phase out all use of Russian gas and oil”.
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