Germany Set To Spend $64.7 Billion As Inflation Shield

According to press reports, Germany is set to spend an additional 65 billion euros ($64.7 billion) to help customers and businesses offset the vagaries of soaring inflation.

Chancellor Olaf Scholz made the announcement two days after Russia said it was suspending some gas deliveries indefinitely.

The measures include a tax on energy companies, help to pay electricity bills, and a public transport subsidy.

The energy crunch came into sharper relief when Russia’s state-controlled energy giant Gazprom GAZP.MM said on Friday it was keeping closed its main Nord Stream 1 pipeline, the biggest single pipeline carrying Russian gas to Germany.
Russia’s invasion of Ukraine has spurred inflation worldwide.

“Russia is no longer a reliable energy partner,” Scholz told a news conference, adding that Germany’s earlier preparations meant that it would get through the winter heating season, Reuters reports.

European gas buyers are already facing record high prices, and Europe has accused Russia of weaponizing energy supplies in what Moscow has called an “economic war” with the West over the fallout from the Ukraine conflict. Moscow blames Western sanctions and technical issues for supply disruptions.

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Edited by Jesus Chan

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