Germany to completely stop buying coal and oil from Russia

In a speech at a conference in Sydney, Germany's Deputy Finance Minister Joerg Kukies announced that the country will stop buying coal from Russia from 1 August and oil purchases from 31 December.

Kukies stated that giving up the 158 billion cubic meters of gas supplied by the European Union from Russia annually and filling this huge gap will be the biggest challenge.

Speaking at the Energy Forum, Kukies stated that Germany supplies 40 percent of its coal and oil from Russia and said, "We will be out of Russian coal in a few weeks."

Kukies stated that Germany is rapidly developing LNG import terminals to fill the gas supply gap, while the US and Qatar supply about 30 bcm of gas in LNG form to Europe, although there is still a big gap.

Kukies said gas will be essential for the transition as Germany focuses on the transition to net zero emissions and soon enacts legislation to accelerate the development of renewable energy projects.