Germany gives green light to Russian oil ban

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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.

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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.

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