Time is running out for Russia, German economy minister says

By Reuters June 2, 2022 | 07:13 pm PT

Tanks of pro-Russian troops drive along a street during Ukraine-Russia conflict in the town of Popasna in the Luhansk Region, Ukraine May 26, 2022. Photo by Reuters/Alexander Ermochenko

Germany must work harder to reduce its energy-dependence on Russia but Western sanctions in response to Moscow's attacks in Ukraine are still taking a heavy toll on Russia, German Economy Minister Robert Habeck said on Thursday.

"The Russian economy is collapsing," Habeck told lawmakers, adding that Germany had played its part here by reducing exports to Russia in March by 60%, with an even sharper fall expected in April.

Across the allied countries participating in the sanctions, exports to Russia fell by 53% over previous months, while the drop among neutral or pro-Russian states was 45%, according to the minister.

"Putin is still getting money but ... time is not working for Russia, it is working against Russia," he said.

As a result of the sanctions, Moscow had lost access to parts crucial to its ability to fight the war, Habeck said, such as "security updates for airplanes, with the result that the planes will soon be grounded".