The BDI supports the federal government and the EU with regard to the oil embargo imposed on Russia. German companies are prepared, it said.
According to the Federation of German Industries (BDI), the EU oil embargo will hit Russia hard.
For the Russian state, the sale of oil is the most important source of income, declared Industry President Siegfried Russwurm on Tuesday in Berlin. “A European oil embargo is an extremely drastic step, even if German companies have been preparing for these sanctions for weeks.”
German industry supports the decision of the federal government and the EU for an embargo. “In view of Russia’s illegal attack on Ukraine, unequivocal, targeted and sustainable sanctions are needed that punish the aggressor more severely than us Europeans,” said Russwurm. The key now is to avoid distortions of competition within the EU when designing the oil embargo.
The EU had agreed on a compromise. At Hungary’s insistence, only Russian oil deliveries by sea are to be stopped for the time being, as EU Commission President Ursula von der Leyen announced on Tuesday night after consultations with the heads of state and government in Brussels. Transports by pipeline will initially continue to be possible.
