Germany’s import costs from Russia soared in July due to high energy prices

The Federal Statistical Office reported that the value of German imports from Russia in July 2022 increased by 10.2% year-on-year to 2.9 billion euros ($2.95 billion), due to higher import costs. Import costs increased contrary to Germany’s willingness to stop imports from Russia.

The FSO said this was mainly due to rising product prices, especially in the energy sector. Russia’s halt in gas supplies to Europe is driving up energy costs for German households and companies.

According to the FSO, Germany imported oil and natural gas worth 1.4 billion euros from Russia in July, 1.6% more than a year ago.

Russian imports of coking coal and petroleum products reached 0.5 billion euros, an increase of 72.5%, and Russian coal imports more than doubled to 0.3 billion euros.

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