Germany gives green light to Russian oil ban


Good morning. 

After weeks of resistance, Germany appears to have dropped its opposition to sanctions on Russian oil.

Europe’s largest economy has long tried to block a ban on the Kremlin’s energy, warning such a move would spark recession across the continent.

But Vice Chancellor Robert Habeck has now said Germany “won’t stand in the way” of new sanctions. He added that the country had cut its reliance on Moscow, meaning it would no longer experience a “national catastrophe” if an embargo were imposed.

But Mr Habeck still appeared sceptical about the move, and there was no mention of sanctions against Russian gas.

5 things to start your day 

1) US raider poised to take over British nuclear submarine supplier  Government exploring ways to sanction £2.6bn Ultra Electronics sale despite national security concerns

2) Kremlin earns record profit from Gazprom  Surging energy prices boost Russia’s coffers amide split in Britain over windfall tax 

3) Europe’s unity fractures as Putin tightens the screws on gas  New era already unravelling as EU countries yield to Russia’s demand to be paid in roubles 

4) Insurance firms poised to pour billions into energy security following post-Brexit overhaul  Chancellor launches a consultation aimed at radically changing the rulebook governing British insurers

5) Slash red tape and taxes to give the City a Brexit boost, say bankers  ‘Anti-competitive’ tax regime could jeopardise London’s status as Europe’s leading financial centre

What happened overnight 

Equity markets in Asia mostly rose Friday following a positive lead from Wall Street but optimism remains at a premium as traders operate under the shadows of war, soaring inflation, US interest rate hikes and China’s lockdowns.

Coming up today

  • Corporate: AstraZeneca, NatWest (interims); Computacenter, Hikma Pharmaceuticals, Smurfit Kappa, Pearson, Reckitt Benckiser, Rotork, Travis Perkins (trading update)
  • Economics: GDP (EU), Nationwide house price index (UK), personal income (US), personal spending (US), Chicago PMI (US), Michigan Consumer Sentiment Index (US)


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