German Chancellor Olaf Scholz said that Europe cannot secure its energy supplies without imports from Russia.
Energy was deliberately excluded from previous rounds of sanctions, Scholz said in a press release on Monday, adding that Russia’s energy industry is “extremely important” to the daily lives of its citizens.
Meanwhile, Hungarian Finance Minister Mihaly Varga said his government would not support any sanctions against Russian energy.
In a video posted to Facebook on Monday, he spoke of the significant damage that existing sanctions on Russia have done to its economy.
“Those who demand more sanctions want the Hungarian people to pay the price of the war.”
Remember: The EU depends on Russia for 40% of its gas needs and about 27% of its oil imports.
Asked about possible sanctions on Russian energy at a press conference on Monday, British Prime Minister Boris Johnson said that options that seemed unthinkable three weeks ago are now “significantly under discussion.”
“We must think about how we can all get away from dependence, dependence on Russian hydrocarbons, Russian oil and gas as quickly as possible. Everyone does it. Everyone is on the same journey. In some countries it will be faster and easier than in others,” he added.
On Sunday, US Secretary of State Anthony Blinken told CNN that the US is working with its allies in Europe to explore the possibility of a ban on Russian oil imports to further punish the country.
The impact of the Russian oil import ban will have a limited impact on the US, given that Russia accounts for less than 2% of its total oil imports.
