Germany has set aside € 1.5 billion to buy liquefied natural gas

As the Russian invasion of Ukraine puts huge strain on Europe's energy supplies, Germany is putting aside more than a billion euros to buy liquefied natural gas, the economy ministry said Wednesday.

According to AFP, the German government is allocating 1.5 billion euros to buy liquefied natural gas to reduce pressure on European energy sources. The decision follows Russia's invasion of Ukraine and European countries' heavy reliance on Russian natural gas.

Before the invasion, around 55 percent of gas imports to Europe's largest economy came from Russia via pipelines through Ukraine, Poland and under the Baltic Sea.

Moscow's decision to attack Ukraine has forced a reassessment.

Meanwhile, the United States and other member states of the International Energy Agency (IEA) agreed to release 60 million barrels of oil reserves to compensate for supply disruptions following Russia's invasion of Ukraine.

Founded in 1974 as an energy watchdog, the IEA defines one of its main roles as helping "coordinate a collective response to major disruptions" in the oil supply.

The IEA did not oversee that operation, saying at the time it only responds collectively to major supply disruptions. The IEA last coordinated a release amid the oil supply disruption caused by the Libyan civil war in 2011. 

In the meantime, President Joe Biden has faced criticism from political opponents who say his climate-friendly policies have harmed U.S. energy production and driven up energy prices.