German Economy Minister: Germany is not against an oil ban on Russia

The German economy minister said on Monday that Russia could gas supplies to Germany as it did with Poland and noted that Germany was not against a ban on Russian oil imports, as reported by Reuters.

Earlier in the day, the German climate minister said that  Germany has been preparing itself to be able to support a ban on Russian oil.

Market reaction

The shared currency stays on the back foot following these comments and the EUR/USD pair was last seen trading at 1.0508, where it was down 0.3% on a daily basis.