In terms of volumes, Germany cut Russian energy imports by 27.8% in March but yet the value of its oil and gas imports from Russia itself surged by 56.5% to €2.4 billion. Notwithstanding oil and gas, the value of overall German imports from Russia soared by 77.7% to €4.4 billion in March. Now, that's a payday.
Germany may look to diversify away from Russian energy to reaffirm the European embargo but there are two big problems. The first is trying to find enough energy from an alternative source to substitute for Russian imports. The second is can they really find one that is at a cheap enough price to keep its industry competitive? There are no easy solutions for both issues.
