- Sanctions choke off business with Russia
- Sanction monitoring
- Russian media on consequences of sanctions
- Bruegel warns against ‘subsidy war’ over gas
- IPCC report: Water shortages and crop failures threaten Europe
- EP and several states push for Ukraine to join EU
- EU energy ministers want to connect Ukraine to power grid
- Suspected cyberattack on satellite network affects German wind farms
- Fuel importers expect price increases
- EU announces summit with China
- Opinion: the economic consequences of the Ukraine war
Following Russia’s attack on Ukraine, Western sanctions are beginning to take effect. Coupled with the shock of the Russian invasion, the punitive measures lead to an exodus of Western investors. The sanctions mean “a fundamental reassessment of economic and trade relations with Russia in light of Vladimir Putin’s systematic aggression,” said VDMA CEO Thilo Brodtmann. Till Hoppe summarizes the current sentiment.
In Russia, on the other hand, people are emphatically unimpressed. “But nothing has happened yet!” – was the response of Putin’s press spokesman to the question of whether measures were planned to support citizens and the economy. Russian newspapers say that the sanctions have had no impact on people’s lives. Eugenie Ankowitsch took a look at the Russian media. In addition to all kinds of appeasement, she has also encountered concerned voices.
In Germany, a multi-stage procedure is to ensure that gas storage facilities reach a specified minimum level by certain dates. The German government wants to lay this down in a law on national gas reserves. Manuel Berkel explains the background to the procedure and lends a platform to experts who warn of a “subsidy war” over gas – and of a scenario that has barely been discussed so far: what to do if Russia floods the markets with gas?
There is also gloomy news from the Intergovernmental Panel on Climate Change. In the event of global warming of 2 degrees, a third of the population in southern Europe could suffer from water shortages – this is one of the forecasts in the new IPCC report. This latest report mainly focuses on what options there are for adapting to climate change – for example, to secure the supply of food. Lukas Scheid summarizes the most important findings and initial reactions.
Sarah Schaefer
Feature
Sanctions choke off business with Russia
Valdis Dombrovskis was clear: “If Russia does not end its aggression, it will become a pariah state,” the EU Commission Vice President responsible for trade said yesterday. He said the EU and its partners are prepared to impose even tougher sanctions if necessary – even if that means less growth and higher inflation in the EU as well. “This is the price to pay to defend democracy and peace,” the Latvian told the European Parliament’s trade committee.
The Western sanctions package, in particular the massive restrictions on Russian banks and export restrictions, is largely strangling the Russian business of European companies. Danish logistics giant Maersk announced yesterday that it was considering suspending all container bookings to and from Russia in light of the sanctions imposed. This applies to freight transport by sea as well as overland.
With the EU also closing its airspace to aircraft from Russia, and Russia returning the favor yesterday, air cargo traffic has come to a standstill. Loopholes are also shrinking: Switzerland yesterday joined some of the EU punitive measures after prolonged hesitation, closing its airspace to Russian aircraft and imposing sanctions on President Vladimir Putin, Foreign Minister Sergei Lavrov, and hundreds of members of parliament and officials. Dombrovskis praised the decision by the traditionally neutral country as a “big step”.
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