Sunday, May 28, 2023

Boycotting Russian oil will have severe impact, German agency warns

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The Association of German Chambers of Industry and Commerce, DIHK, expects a European embargo on Russian oil to have a severe impact on German companies.

Although the demand for oil could be covered from other sources, rising oil prices would increase the financial pressure on businesses, DIHK Peter Adrian said on Wednesday.

“For energy-intensive industry and logistics companies, in particular, this will make the business even less profitable,” he said.

Additional costs could not be passed on one-to-one to customers, and “in extreme cases, companies will be forced to shut down their operations for cost reasons,” Adrian added.

Earlier on Wednesday, European Commission president Ursula von der Leyen unveiled a plan for a complete ban on imports of all Russian oil.

The plan is to phase out Russian crude oil supplies within six months and import refined products by the end of the year.

Adrian appealed to politicians to protect German business from the consequences of this decision.


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