Germany will phase out nuclear energy by 2022.

Russia’s share of German crude consumption has already declined to 12% from about 35% before the war in Ukraine, according to the Economy Ministry in Berlin.

European gas prices were trading higher early May 12, with the TTF month-ahead price up at Eur105/MWh ($109.72/MWh) as of 0815 GMT, according to ICE data.

Moscow has imposed sanctions on the owner of the Polish part of the Yamal pipeline that carries Russian gas to Europe, as well as Gazprom's former German unit, whose subsidiaries help meet Europe's gas consumption.

Agreements were announced during the visit of Dr. Robert Habeck, German Federal Minister for Economic Affairs and Climate Action, to the UAE. They build upon the longstanding Emirati-German Energy Partnership as well as the Ministerial Emirati-German Hydrogen Task Force that was inaugurated in November 2021.

The German year-ahead baseload traded as high as Eur197.75/MWh, a new high for the 2023 contract, while year-ahead coal into Europe traded at $230/mt, EEX and ICE exchange data showed.

Germany and Europe's dependence on Russian natural gas supplies cannot be eliminated in the short term without considerable economic damage.

Europe's largest economy is heavily dependent upon Russia for energy, and nations banks echoed concerns over possible energy disruption expressed by big names in industry in recent days.

But there was no sign on Friday of an immediate interruption. Flows remained steady through two of the three main pipelines bringing Russian gas into Europe - Nord Stream 1 across the Baltic Sea, and into Slovakia over Ukraine.

"The change in the procedure for settlements is introduced due to the fact that, in violation of international law, the foreign exchange reserves of the Bank of Russia were frozen by the EU member states," the Kremlin said.