INTERNATIONAL: Europe will end its energy dependence on Russia but to do so from one day to the next would plunge it into a recession, risking hundreds of thousands of jobs and entire industrial sectors, German Chancellor Olaf Scholz has announced on Wednesday,March 23.

In a budget speech to parliament, the German Chancellor struck a more cautious tone on reducing Germany's energy dependence on Russia than some of his ministers, who have left open the possibility of energy sanctions , if only in theory at this stage.

"Yes, we will end this dependency as soon as possible. But to do this from one day to the next would mean plunging our country and the whole of Europe into a recession," Scholz has told the Bundestag lower house of parliament.

"Hundreds of thousands of jobs would be in danger. Whole branches of industry would be on the brink," he has also said. "Sanctions should not hurt European states harder than the Russian leadership."

The chancellor assured Ukrainian President Volodymyr Zelenskiy, who addressed the Bundestag last week, of Germany's support for his country and has said sanctions were hurting Russia. He has called for an immediate ceasefire in Ukraine.

Scholz's focus was primarily domestic when he took power last December but he quickly pivoted to a more assertive foreign policy when the Ukraine crisis has erupted, announcing a dramatic hike in military spending.

"The war is destroying Ukraine. But with the war, Putin is also destroying Russia's future," Scholz has told the lawmakers.

Scholz has also reaffirmed Germany's commitment to supporting Ukrainian refugees, also saying more money would be spent to cover losses faced in Germany over sanctions.

As part of its strategy to secure regional peace, Scholz has said the European Union must support the Western Balkan countries in their bid to join the bloc as soon as possible.

The chancellor has also reiterated pledges to raise defence spending along with other NATO partners.

Scholz continues to rule out closing Ukraine airspace, saying NATO would not become a 'war party.'