"Germany's Russia-dependent energy model has failed and isn't coming back," German Economy Minister Robert Habeck said on Monday, as reported by Reuters.

Additional takeaways

"We have to swallow bitter medicine to make the shift to a new energy model."

"Gas levy will secure supply."

"Alternative to levy would have been a collapse of the German energy system."

"These measures make us less vulnerable to blackmail."

"We need targeted relief to help people with gas levy."

Market reaction

The shared currency is struggling to stage a recovery and the EUR/USD pair was last seen losing 0.45% on the day at 1.0212.