Russia Ukraine War: Scholz says EU energy needs can't be secured without Russian imports

Amid the ongoing Russia Ukraine war, German Chancellor Olaf Scholz warned against banning Russian oil and gas as part of Western sanctions against Moscow for its invasion of Ukraine, saying that doing so would jeopardise Europe's energy security. He further made it clear that he supports exempting Russian energy exports from a growing list of sanctions. Scholz said in a statement on Monday that Europe has purposefully exempted energy deliveries, highlighting Germany's support for severe sanctions against Russia.

"Supplying Europe with energy for heat generation, mobility, electricity supply and industry cannot be secured in any other way at the moment. It is therefore of essential importance for the provision of public services and the daily lives of our citizens," Scholz explained.

For months, Germany has been working with its European Union and international partners to create alternatives to Russian energy, according to the German chancellor. However, he stated that this cannot be accomplished overnight, and that it is a strategic decision to allow enterprises to continue dealing with Russian energy supply. Moreover, secretary of state Antony Blinken said on Sunday that the United States and its allies are having very active discussions about blocking Russian oil and natural gas imports.

G7 nations to target oligarchs of Russia with fresh sanctions

On Sunday, Germany's finance minister, Christian Lindner, told German television station ARD that the next wave of G7 penalties against Russia for its invasion of Ukraine should target oligarchs who have become wealthy under President Vladimir Putin. Furthermore, the G7 countries announced plans for a new wave of "severe sanctions" against Moscow on Friday, urging Moscow to stop attacking nuclear power stations.

It's worth noting that Germany is now serving as the G7's rotating presidency. Russia is already facing a slew of sanctions aimed at cutting it off from the global banking system. The United States and the United Kingdom added additional Russian oligarchs to a blacklist of businessmen linked to the Kremlin that the European Union had previously targeted on Thursday.

(With inputs from agencies)