(Bloomberg) -- Germany plans to quickly wean itself off Russian fossil fuels, aiming to broadly end purchases of the nation’s oil and coal this year and almost completely halt imports of Russian gas by the middle of 2024.

Economy Minister Robert Habeck made the announcement in Berlin Friday while reiterating Germany’s stance that an immediate embargo on Russian energy is not possible because of the damage it would cause to Europe’s biggest economy.

“In recent weeks, we have made intensive efforts together with all relevant players to import fewer fossil fuels from Russia and to put supply on a broader footing,” Habeck said. “The first important milestones have been reached in order to free ourselves from the grip of Russian imports.”

The invasion of Ukraine has shocked Germany and its European Union allies into a radical shift in energy policy, and the bloc is rushing to cut its reliance on Russian fossil fuels. Germany, which has limited natural resources of its own, relied on Russia for around half of its gas and coal and about a third of its oil.

The EU and U.S. on Friday unveiled a political pact aimed at paving the way for additional imports of U.S. liquefied natural gas. The deal provides a platform for the commercial agreements that will need to follow for shipments to begin.

Habeck has also held talks recently with officials in Norway and Qatar as Germany bids to diversify its energy supplies away from Russia.

Habeck said Germany wants to halve imports of Russian oil by mid-year and be “almost independent” by the end of 2022. It could be completely independent from coal imports by the fall, he said.

“Companies are letting contracts with Russian suppliers expire, they’re not extending them and are switching to other suppliers,” he added. “And at an insane pace.”

Cutting Germany’s reliance on Russian gas is tougher, Habeck said. An expansion of renewables, a broad reduction in demand, diversification of suppliers and ramping up production of clean hydrogen are all essential elements, he added.

“Even if we become less dependent on Russian imports, it is too early for an energy embargo at this point in time,” Habeck said. “The economic and social consequences would still be too serious. But every supply contract that is terminated harms Putin.”

(Updates with Habeck comments starting in second paragraph)

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