After weeks of resistance, Germany appears to have abandoned its opposition to sanctions on Russian oil.
Europe’s biggest economy has long tried to block a Kremlin energy ban, warning that such a move would trigger a continent-wide recession.
But Vice-Chancellor Robert Habeck has now said Germany “will not stand in the way” of further sanctions. He added that the country had reduced its dependence on Moscow, meaning it would no longer experience a “national catastrophe” if an embargo was imposed.
But Mr Habeck still seemed skeptical of the move, and there was no mention of sanctions against Russian gas.
5 things to start your day
1) US raider set to take over UK supplier of nuclear submarines Government considering ways to sanction £2.6bn sale of Ultra Electronics despite national security concerns
2) Kremlin makes record profit with Gazprom Soaring energy prices spike Russia’s coffers as Britain splits over windfall tax
3) Europe’s unity fractures as Putin tightens screw on gas A new era is already dawning as EU countries give in to Russia’s demand to be paid in rubles
4) Insurance companies set to pump billions into energy security after post-Brexit overhaul Chancellor launches consultation to radically change rules governing UK insurers
5) Cutting red tape and taxes to give city a Brexit boost, bankers say ‘Anti-competitive’ tax regime could undermine London’s status as Europe’s top financial center
What happened overnight
Stock markets in Asia mostly rose on Friday after a positive lead from Wall Street, but optimism remains paramount as traders operate in the shadow of war, soaring inflation, rate hikes American interests and Chinese blockages.
- Business : AstraZeneca, NatWest (temporary); Computacenter, Hikma Pharmaceuticals, Smurfit Kappa, Pearson, Reckitt Benckiser, Rotork, Travis Perkins (commercial update)
- Economy: GDP (EU)National House Price Index (UK)personal income (WE)Personal expenses (WE)Chicago PMI (WE)Michigan Consumer Confidence Index (WE)