Germany Enacts Emergency Gas Plan as Russia Wields Ruble Threat
- Economy Minister Habeck sees risk Russian gas could be cut off
- Germany faces significant exposure to Russian energy imports
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Germany triggered an emergency plan to brace for a potential Russian gas cut-off as President Vladimir Putin insists that the crucial fuel should be paid for in rubles.
Europe’s largest economy, which relies on Russia for more than 50% of its natural gas, initiated the first of three phases of the plan, signaling there are serious signs the supply situation may deteriorate, Economy Minister Robert Habeck said Wednesday. The announcement comes as the Kremlin plans to tell European energy companies by Thursday how to pay for fuel in the Russian currency, even if the process of switching won’t begin immediately.