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Germany to Spend Another $2.5 Billion on LNG to Ease Crisis

  • Germany has set aside total of $15 billion in credit lines
  • Berlin is redesigning its energy policy since Russia’s war
Bloomberg business news
WATCH: Germany has earmarked billions of euros to purchase natural gas. Vanessa Dezem reports.Source: Bloomberg
Updated on

The German government released another 2.5 billion euros ($2.5 billion) of credit lines to secure gas supplies, as it writes off Russia as a reliable energy supplier.

Racing to replace Russian gas supplies with alternative sources, Germany had set aside a total of 15 billion euros in credit lines -- to be disbursed in tranches. Now the first 1.5 billion euros have been nearly exhausted, the government has added another 2.5 billion euros to buy liquefied natural gas, according to a document seen by Bloomberg.