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Time is running out for Russia, German economy minister says

Reuters
Reuters
 2022-06-02
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BERLIN, June 2 (Reuters) - Germany must work harder to reduce its energy-dependence on Russia but Western sanctions in response to Moscow's invasion of Ukraine are still taking a heavy toll on the Russian war machine, German Economy Minister Robert Habeck said on Thursday.

"The Russian economy is collapsing," Habeck told lawmakers, adding that Germany had played its part here by reducing exports to Russia in March by 60%, with an even sharper fall expected in April.

Across the allied countries participating in the sanctions, exports to Russia fell by 53% over previous months, while the drop among neutral or pro-Russian states was 45%, according to the minister.

"Putin is still getting money but ... time is not working for Russia, it is working against Russia," he said.

As a result of the sanctions, Moscow had lost access to parts crucial to its ability to fight the war, Habeck said, such as "security updates for airplanes, with the result that the planes will soon be grounded".

Reporting by Rachel More; Editing by Madeline Chambers and Maria Sheahan

Our Standards: The Thomson Reuters Trust Principles.

Comments / 128

MrMax
06-02

I’m really counting on the Russian people, military or politicians to put a STOP to Putin’s NONSENSE…THAT would go a long way to reversing the economic, agricultural and petroleum problems that the world is facing…

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Rephael RJG
06-02

Haven't we heard that many times now? Yet Russia is still shelling Ukrainian many billions of dollars later. Ukraine can't win, even if the war ends this instance. Don't know why the media trying to make it look there is any victory for Ukraine, I mean Russia is leveling the place.

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John
06-02

So let me get this right... Europe is basically "shooting itself in the foot" economically by cutting itself off from Russian gas/oil which will lead to a spike in energy prices and eventually recession. Meanwhile the same spike in energy costs is giving Russia record breaking profits from its sales to China/India. How is Russia running out of time again? These people will say anything to virtue signal and pretend their policies are working.

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