As per the European media Spiegel, Germany is up for reducing its energy dependency on Russia by autumn.

“According to SPIEGEL information, oil imports from Russia should be halved in the summer and hard coal should be replaced by autumn,” said the piece published on early Friday in Europe.

The news also adds, “Dependence on natural gas will drop to just 30 percent by the end of the year – thanks to three special ships.”

Market reaction

Germany’s energy dependency on Russia has been the key factor that restricts Europe from announcing strong sanctions on Moscow. With this news, market sentiment should worse and may probe the EUR/USD bulls. That said, the major currency pair retreats to 1.1025, up 0.27% intraday at the latest.

Read: EUR/USD bulls approach 1.1050 amid softer USD, Eurogroup meetings, yields eyed