The German government has decided to use part of the oil state reserve as a reaction to the events in Ukraine and to “calm down” the market, the N-TV channel reports with reference to the Ministry of Economy.

The TV channel does not give details.

World oil prices on Wednesday are updating multi-year highs, increasing by 7% amid geopolitical tensions. The price of the Brent brand in the course of trading exceeded $ 113 per barrel for the first time since June 30, 2014.

Concerns about the prospects for oil supplies against the background of geopolitical risks continue to push the quotes to growth. A number of countries have imposed sanctions against Russia, one of the world’s largest oil producers, and foreign energy companies are deciding to leave the Russian market. Among them are BP, Shell, Equinor, OMV, and ExxonMobil.