Long-term contracts with Moscow were not vulnerable to external shocks or market fluctuations, Berliner Zeitung has said
Germany is now paying five times as much for imported gas than it did before abandoning its long-term Russian supply contracts as part of the EU sanctions, Berliner Zeitung has reported.
Berlin now has to rely on the volatile international energy market, which is reeling from the de-facto closure of the Strait of Hormuz during the ongoing conflict between the US and Iran, the newspaper wrote on Wednesday.
Once Europe’s industrial powerhouse, Germany abandoned cheap Russian gas imports in 2022 as part of the EU’s sanctions campaign against Moscow following the escalation of the Ukraine conflict. Combined with the phaseout of nuclear power in favor of renewables, this self-imposed embargo has dealt a major blow to Germany’s industrial sector.
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