Germany prepared to back immediate EU embargo on Russian oil

German chancellor Olaf Scholz: Has shifted from his cautious approach toward Russia

Two senior ministers in chancellor Olaf Scholz's government said Germany would be ready to back an immediate EU ban on Russian oil imports, and that Europe's biggest economy could weather shortages and price hikes.

The comments by Finance Minister Christian Lindner and Economy Minister Robert Habeck are the latest sign Mr Sholz has shifted from his cautious approach toward Russia and is willing to back sanctions against Moscow even if they have economic costs at home.

Speaking in Brussels, Mr Habeck of the ecologist Greens said Germany would back an EU ban, regardless of whether the stoppage was immediate or by the end of the year.

"Germany is not against an oil ban on Russia. Of course it is a heavy load to bear but we would be ready to do that," Mr Habeck told reporters before talks with his EU colleagues. Germany cut the share of Russian oil to 12% from 35% before Russia invaded Ukraine on February 24.

It is working on finding alternative fuel supplies, most urgently for the Russian oil that comes by pipeline to a refinery in Schwedt operated by Russian state company Rosneft. 

Mr Lindner of the pro-business Free Democrats said the German economy could tolerate an immediate ban. "It can't be ruled out that fuel prices could rise," Mr Linder said.  

Mr Habeck had said the main challenge was to find alternative oil deliveries for Schwedt, which supplies east German regions as well as Berlin.

• Reuters