Germany is working "flat out" to end its reliance on Russian gas imports, the country's Chancellor said Thursday, adding there was "no doubt" that both Berlin and the European Union would end their dependence on energy imports from Moscow.
Russian oil could be completely phased out by the end of the year, Olaf Scholz added during his speech at the World Economic Forum in Davos.
He said Germany was looking towards liquefied natural gas (LNG) terminals and alternative sources of supply.
The EU is following the "same path," Scholz said. However, Ukraine is asking for maximum sanctions against Moscow, including an immediate ban on Russian oil and trade.
This restructuring will have an impact on EU economies, which is already being felt by a rise in energy prices, he warned.
Some background: Germany was one of Russia's largest importers of oil last year.
Before the Ukraine crisis, an $11 billion undersea pipeline -- Nord Stream 2 -- was being built to deliver gas from Russia to Germany.