Germany paying five times more for gas after ditching Russian imports – media

Long-term contracts with Moscow were not vulnerable to external shocks or market fluctuations, Berliner Zeitung has said Germany is now paying five times as much for imported gas than it did before abandoning its long-term Russian supply contracts as part of the EU sanctions, Berliner Zeitung has reported.Berlin now has to rely on the volatile international energy market, which is reeling from the de-facto closure of the Strait of Hormuz during the ongoing conflict between the US and Iran, the newspaper wrote on Wednesday.Once Europe’s industrial powerhouse, Germany abandoned cheap Russian gas imports in 2022 as part of the EU’s sanctions campaign against Moscow following the escalation of the Ukraine conflict. Combined with the phaseout of nuclear power in favor of renewables, this self-imposed embargo has dealt a major blow to Germany’s industrial sector. Before the embargo, Russia supplied 55% of the country’s natural gas imports. Germany now sources its gas from Norway (44%), the Netherlands (24%) and Belgium (21%), with American liquefied natural gas (LNG) accounting for most of the remainder.According to Berliner Zeitung, Germany’s gas import price has risen from €12 ($13.65)...