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Reuters
Reuters
Business

Time is running out for Russia, German economy minister says

FILE PHOTO: 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. REUTERS/Alexander Ermochenko

Germany must work harder to reduce its energy-dependence on Russia but Western sanctions in response to Moscow's invasion of Ukraine are still taking a heavy toll on the Russian war machine, 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.

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