German energy concern E.ON: Embargo on gas from Russia unlikely

E.ON, the largest German energy concern, considers it unlikely that an embargo will be imposed on Russian gas supplies, financial director of the company Marc Spieker said during a teleconference with investors, Report informs referring to RIA Novosti.

“I still view this scenario as unlikely. German government's position is crystal clear - the gas embargo will have a very strong and adverse effect on the German economy,” he said, adding that after three months of discussion on this topic, no one still has a clear idea of ​​what the actual consequences of such an embargo would be.

Spieker also noted that E.ON doesn’t have long-term contracts with Russia, so he forwarded the issue of paying for gas in rubles to those companies that have such contracts.

The German authorities have previously stated that they are ready to replace Russian gas supplies by 2024. Germany may refuse coal and oil from the Russian Federation already during the current year.