Germany is able to assist a European ban on imports of Russian oil, and will not be "blackmailed" by Moscow into paying for pure fuel in rubles.
Finance Minister Christian Lindner mentioned Germany would agree any new sanctions on Russia with its companions within the European Union.
"Germany stands prepared for brand spanking new sanctions, together with an oil embargo," he mentioned.
The European Union has already agreed to section out Russian coal imports as a part of a fifth wave of sanctions imposed on Russia over its invasion of Ukraine.
However the bloc has discovered it a lot tougher to succeed in consensus on becoming a member of a US-led embargo on Russian oil regardless of weeks of talks. Hungary reiterated its opposition to an oil embargo once more on Monday, Reuters reported.
Mr Lindner mentioned he didn't wish to speculate on whether or not some EU member states, similar to Hungary, must be given exemptions or carve outs from an oil embargo.
"I can guarantee you that Germany is able to cut back oil imports, we all know others are contemplating this query fastidiously," he added.
Final 12 months, Russia accounted for about 27 per cent of EU oil imports. It additionally provided about 40 per cent of Europe's pure fuel. EU leaders have already promised to slash Russian fuel imports by 66 per cent this 12 months, and to interrupt the bloc's dependency utterly by 2027.
"We've got ready ourselves to be much less depending on Russian power imports," Mr Lindner mentioned.
"We are able to cut back the imports, beginning with coal, then oil. It would take extra time to be impartial from Russian pure fuel imports, however we are going to proceed so ultimately we might be utterly impartial from Russia."
Moscow raised the stakes in a tense power standoff with Europe final week by slicing off provides of pure fuel to Poland and Bulgaria. State fuel large Gazprom mentioned neither nation had agreed to President Vladimir Putin's demand that clients in "unfriendly" nations should open two accounts at Gazprombank — one in euros and the second in rubles, from which funds for the fuel could be made.
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The overwhelming majority of Gazprom's contracts with its European clients stipulate fee in euros or dollars. The Kremlin's ultimatum concerning ruble funds is extensively seen as a transfer to bolster its struggle chest and increase the Russian forex.