This is a key moment that could dramatically turn the war in Ukraine’s favor, depriving Vladimir Putin’s military machine of tens of billions of euros in fossil fuel revenues and the main source of funding.
But the sad reality is that Germany was ashamed to do so, mainly from Poland, but amid growing pressure from other EU countries and harsh criticism from Kyiv.
Nor does it go far enough. The next step must be to end Germany’s dependence on Moscow’s gas, followed by a complete cleansing of Putin’s entourage from the German establishment so that the country’s international confidence can have a chance to be restored.
These are the sacrifices that must now be made to help end Russia’s vicious invasion and to defend the West’s liberal principles, especially in the face of the weakening impact of existing sanctions.
Russia’s central bank’s decision to cut its key interest rate from 17 percent to 14 percent is further evidence of the ineffectiveness of Western attempts to crush the country’s economy.
Berlin has pledged to abandon Russian gas imports by 2024, but the Kremlin’s share of German consumption has already fallen from 55% to 40% and the rate of oil turnover suggests it could significantly step up efforts to fully liberate of Russian hydrocarbons.
With each passing day, Germany’s decision to continue buying Russian fossil fuels is becoming more volatile. On the same day that Moscow cut off supplies to Poland and Bulgaria, state-backed gas titanium Gazprom boasted record annual profits of 2 trillion rubles (£ 22 billion), much thanks to EU customers.
The continent has spent a staggering 44 billion euros ($ 46 billion) on Russian oil and gas since the invasion began in late February, a figure that embarrasses the entire West, not just Germany.
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