HALT IN RUSSIAN GAS SUPPLIES COSTS GERMANY €50 BILLION

BERLIN, SEPTEMBER 11 /SRNA/ – The halt in Russian gas imports and the reaction to the energy shock have cost Germany's federal budget more than €50 billion, German newspaper Bild reported, citing data from the German Finance Ministry.

These figures reflect only direct subsidies, German economists told Bild.

Experts estimate that the actual costs of building new liquefied natural gas terminals, together with the long-term decline in industrial competitiveness, make the overall cost considerably higher.

The European Council adopted a regulation in January on the gradual phase-out of imports of Russian pipeline gas and liquefied natural gas. The ban on LNG imports under short-term contracts took effect on April 25 this year, while the ban for long-term contracts will take effect on January 1 next year.

The ban on pipeline gas imports took effect on June 17 this year for short-term contracts, while for long-term contracts it will take effect on November 1 next year.