German Economy Minister Robert Habeck has joined Western calls for OPEC to increase oil production, saying the Gulf countries should not benefit from global sanctions against Russia for its invasion of Ukraine. OPEC heavyweights, Saudi Arabia and the United Arab Emirates, have resisted Western calls, including those from the United States, to use their spare […]
Tag: Germany
Germany closes energy deal with Qatar to reduce its dependence on Russia
Updated on 03/20/2022 08:43 am Germany and Qatar have reached a long-term energy partnership deal, a German official said on Sunday, as Europe’s biggest economy seeks to become less dependent on Russian energy sources. Russia is Germany’s largest gas supplier and Economy Minister Robert Habeck has launched several initiatives to reduce the country’s energy dependency […]
Germany supports elimination of combustion engines by 2035
Germany backed the European Union’s proposal that only emission-free cars and vans be sold from 2035, as the bloc advances talks on an ambitious green reform at a time of extraordinary energy crisis. EU environment ministers discussed cars and other proposals aimed at cutting emissions at their quarterly meeting in Brussels. Discussions about the bill […]
Russian invasion of Ukraine will halve German growth in 2022, says IfW Kiel Economic Institute
Updated on 03/17/2022 12:45 pm Russia’s invasion of Ukraine will significantly affect Germany’s economic recovery and will halve the forecast growth of Gross Domestic Product (GDP) in 2022 to 2.1%, the IfW Kiel economic institute said. The consequences of the conflict should reduce GDP by “about 90,000 million euros [US$ 99,000 millones] this year and […]
Slowly, coronavirus infections rise again in Europe
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Slowly and silently, the pandemic overshadowed by the invasion of Ukraine and other events in international politics, coronavirus infections are rising again in many European countries, although in most they are cases that do not correspond to a increase in hospitalizations. On Germany For the first time, 1,600 new infections per hundred thousand inhabitants have […]
Germany’s Deutsche Bank pulls out of Russia
Updated on 03/11/2022 07:56 pm the first bank German, Deutsche Bankannounced his departure from Russiafollowing in the footsteps of other international financial entities such as Goldman Sachs or JP Morgan Chase. Like other international companies “and in line with our legal and regulatory obligations, we are reducing our remaining activities in accordance with legal and […]
Russian energy imports are ‘essential’ for Europe, says German chancellor
Updated on 03/07/2022 11:30 am Fossil energy imports from Russia are “essential” for the “daily life of citizens” in Europe and the continent’s supply cannot be guaranteed in any other way at the moment, said German Chancellor Olaf Scholz. At a time when the United States and the European Union (EU) are considering sanctions on […]
Energy, investments and exports, the damage of the sanctions in Germany
The intense economic relations between Germany and Russia already make it possible to foresee a strong impact of the sanctions on the main European power, especially in the energy field, although they also endanger business investments and exports. Russia represents 2.3% of German foreign trade and according to the Federal Statistical Office (Destatis) in 2021 […]
Germany Seizes $600M Superyacht From Russian Oligarch Usmanov, Forbes Says
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Updated on 03/02/2022 07:39 pm German authorities seized the superyacht owned by Russian oligarch Alisher Usmanov, a vessel valued at nearly $600 million, after the billionaire was sanctioned by the European Union (EU), Forbes reported. Usmanov is one of the Russian businessmen punished this week by the EU in response to the invasion of Ukraine, […]
Company in charge of German-Russian gas pipeline Nord Stream 2 files for bankruptcy
Updated on 03/01/2022 05:13 pm The German-Russian company Nord Stream 2 declared insolvency after Germany suspended certification of the gas pipeline in retaliation for the Russian invasion of Ukraine. The company filed for bankruptcy and laid off its 106 employees, said the chief financial officer of the Swiss canton of Zug, where it is based. […]