This evening, the EU heads of state and government are meeting in person. Council President Charles Michel had invited them to a special summit at short notice – extraordinary times call for extraordinary measures. The heads of state and government need to talk, and they want to send a signal of unity. The shock at […]
Against the backdrop of Russia’s threatened invasion of eastern Ukraine, the German government put the Nord Stream 2 Baltic Sea gas pipeline on hold yesterday. A new assessment of supply security must now be made, taking into account the recent developments, Chancellor Olaf Scholz said. “This will certainly drag on, if I may make a […]
The EU is increasing the pressure on the Russian financial system: Tonight, the member states initiated the exclusion of seven banks from the Swift payment information system, including the second-largest bank VTB. Spared for the time being are Sberbank, the largest institution, and Gazprombank, through which a large proportion of energy deliveries are made.The invasion […]
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. […]
I hope you will still recognize the Federal Republic of Germany and Europe this morning. Politically, many things are different today; this weekend was a turning point, as Chancellor Olaf Scholz calls it. Everything is different, while the Russian army continues its attack on Ukraine with Belarusian support.A look across Europe: The EU has approved […]
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By acting as a neutral mediator in Europe, Israel wants to end the Russian war against Ukraine. As Israel’s Prime Minister Naftali Bennett himself admits, it is unlikely that these efforts will be crowned with success. Nevertheless, he completed a veritable marathon of travel and telephone calls over the weekend to not let the opportunity, […]
The price per ton of CO2 in the ETS has fallen by around 30 percent since the start of the war in Ukraine. However, the war seems to be only the trigger of the price crash. The causes lie elsewhere, as Lukas Scheid shows. Attempts at explanation range from panic selling to the previous overvaluation […]
The war in Ukraine and international sanctions against Russia are likely to cause new dislocations in industry value chains. “We will see an impact on energy prices and supply chains, including for raw materials,” Commission Vice President Valdis Dombrovskis said yesterday. The German Ministry of Economy is also concerned and is currently asking the industry […]
Yesterday, the US and the UK announced that they will no longer import oil (and some gas) from Russia in the future (read more in the News). The EU countries cannot afford to take this step ad hoc. Yesterday, the EU Commission presented a plan on how Europe can succeed in reducing its dependence on […]
In a video call on Monday, US President Joe Biden and the leaders of France, Germany, and the United Kingdom reaffirmed their determination to continue to hold Russia accountable for its “unprovoked and unjustified invasion of Ukraine”, the White House said in a statement. US Secretary of State Antony Blinken is also considering an import […]