After weeks of resistance, Germany seems to have abandoned its opposition to sanctions on Russian oil. Europe’s largest economy has long sought to block the Kremlin’s energy ban, warning that such a move would trigger a recession across the continent. But Vice Chancellor Robert Habeck has now said that Germany “will not stand in the way” of new sanctions. He added that the country had cut off its dependence on Moscow, which meant that it would no longer experience a “national catastrophe” if an embargo was imposed. However, Mr Habeck remained skeptical of the move, and no mention was made of sanctions against Russian gas.

5 things to start your day with

  1. US raider ready to take on British nuclear submarine supplier Government exploring ways to impose για 2.6 billion sale of Ultra Electronics despite national security concerns
  2. The Kremlin wins record profit from Gazprom Rising energy prices boost Russia’s coffers due to the split in Britain due to an unexpected tax
  3. Europe’s unity breaks as Putin tightens screws on gas A new era is already unfolding as EU countries back down on Russia’s demand for payment in rubles
  4. Insurance companies ready to spend billions on energy security after Brexit review The Chancellor is launching a consultation aimed at radically changing the handbook of rules governing British insurance companies
  5. Reduce bureaucracy and taxes to boost Brexit city, say ‘anti-competitive’ bank tax regime could jeopardize London’s position as Europe’s top financial center

What happened overnight

Stock markets in Asia strengthened mainly on Friday after a positive lead from Wall Street, but optimism remains at the premium as traders operate in the shadows of war, skyrocketing inflation, rising US interest rates and lockdowns in China .

He is coming today

Company: AstraZeneca, NatWest (intermediate) Computacenter, Hikma Pharmaceuticals, Smurfit Kappa, Pearson, Reckitt Benckiser, Rotork, Travis Perkins (transaction update) Finance: GDP (EU), Nationwide Housing Price Index (UK), Personal Income (US), Personal Expenditure (US), Chicago PMI (US), Michigan Consumer Climate Index (US)