Will Russia turn off German energy taps? – Hey, mate!

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Germany fears that Russia’s benefit from maintaining a large export pipeline will completely cut off gas supplies to the country, increasing the risk of a winter energy crisis in Europe’s largest economy.

Earlier this month, Moscow reduced gas flow through Nord Stream 1 by 60 percent. The pipeline, one of the main channels for the transport of Russian gas to Europe, will be closed for two weeks for annual work from mid-July.

German officials said they were concerned that Gazprom, Russia’s state-owned gas giant, had halted gas supplies completely during the NS1 overhaul, which had undermined efforts to replenish its gas supplies before winter.

“Supply situation is tight enough without shutting down NS1” – an official

Concerns about NS1 come as Berlin and other European capitals realize that Russia is wielding its energy exports in response to EU sanctions over the war in Ukraine.

Chancellor Olaf Schulz ruled out a return to any kind of normal relations with the Kremlin, days after his foreign policy adviser commented on Berlin’s future relations with Moscow.

More war in Ukraine

  • It can be a cold winter: The International Energy Agency has warned that Europe must prepare for a complete cut-off of Russian gas exports.

  • kamikaze strike A fire broke out at an oil refinery in southern Russia after a drone strike, state media said on Monday.

  • NATO: According to the current plans of the trans-Atlantic alliance, Estonia will be “wiped off the map in the event of a Russian attack,” according to its prime minister.

Thank you for reading FirstFT Europe / Africa. Here’s the rest of the news today – Jennifer

1. Railway chief threatens to circumvent union with reforms Network Rail CEO Andrew Haines has threatened to cut off the conspicuous RMT union and go straight to employees to demand repair if there is no progress in talks, with another industrial strike set for today scheduled.

  • deepen: The widespread blow has highlighted the extent to which the coronavirus has devastated the sector’s finances, with passenger numbers yet to recover.

  • In other trade union news: Rishi Sunak defended the government’s decision to increase the state’s basic pension in line with inflation as education unions threatened to strike over wages.

  • Opinion: Business leaders need to take note of public sector strikes in their wage negotiations, writes Kat Rutter Polley.

Thanks to everyone who took part in yesterday’s poll. 57 percent of respondents did not support the strikes, while 36 percent supported it.

2. Emmanuel Macron calls for concessions The French president urged his opponents to end the country’s political stalemate by joining his minority government to vote through laws in Parliament, although he acknowledged that this was not the time to form a broad unity government. .

3. Fed Chairman: US recession is a ‘possibility’ Jay Powell said avoiding deflation largely depends on factors beyond the central bank’s control, and acknowledged in testimony before the Senate Banking Committee that eliminating high inflation while maintaining a strong labor market is becoming more difficult.

4. Jacob Zuma prevented the espionage agency from investigating Guptas The former South African acting president has been manipulating to disguise alleged corruption by his allies and the Gupta business family, according to a judicial inquiry into the biggest scandal in the post-apartheid era.

5. Quantitative hedge funds benefit from the cryptocurrency turmoil A small group of algorithm-driven hedge funds have snatched the gains from rapid declines in digital assets such as Bitcoin and Luna, as turmoil that wiped out trillions of dollars in cryptocurrency value created a lucrative opportunity.

next day

elections British voters go to the polls – the sixth anniversary of the Brexit referendum – in two former Conservative seats, Wakefield plus Tiverton and Honiton, in what is being seen as a test of rejection by Boris Johnson over the party scandal. Grenada also holds general elections.

Tension test results The US Federal Reserve’s annual test, which includes judgment day scenarios for 34 banks, including Goldman Sachs and JPMorgan Chase, is an important measure of financial strength and helps determine how much lenders will be able to target dividends or buybacks.

  • Other economic news: Composite PMIs have been released by IHS Markit and S&P Global (manufacturing and services) for the eurozone, France, Germany, the US and the UK, which also publishes public sector finance and the GfK Consumer Confidence Survey for May.

FedEx earnings The US delivery giant reports results for the fourth quarter, which were anticipated last week by announcing a dividend increase and two new board members.

What else are we reading

Food crisis bites across Africa Sharp global rises in food, fuel and fertilizer prices since Russia’s invasion of Ukraine have exacerbated the economic pain caused by the coronavirus pandemic and millions of Africans have faced an “unprecedented food emergency”, the World Food Program warned. It also increased the risk of social unrest in poor countries.

How ‘signs of mischief’ engulfed election politics Politicians around the world are always pimping. But recently, political stunts, from former US President Donald Trump’s border wall to British Prime Minister Boris Johnson’s travels to Rwanda, have taken a darker turn, writes Stephen Bush.

Putinism slows down reformist transformation Change is coming to Russia. Specifically, “The Great Change” – the name of the youth movement created by the Kremlin under Vladimir Putin, whose presidency was determined by internal oppression and manipulation of the mind, writes Tony Barber.

Biden blues Ratings for the 79-year-old US president were already weak before the November midterm elections. Now, with the Federal Reserve raising interest rates and the risk of a recession looming, Joe Biden faces a more worrying fact: he may have already spent his political capital.

It’s about the money, you idiot Like governments, many golfers participate for the money. Admittedly, any country can argue that money brings jobs. But unlike governments, golfers do not provide missiles and helicopters, and big stars do not care enough about human rights abuses – like their own governments, writes Robert Shrimsley.

jobs and professions

On this week’s Working It podcast, prominent business writer Andrew Hill spoke with best-selling author Daniel Pink, who wrote his book The power of regret It encourages us to think differently about our regrets in the workplace and how to re-frame our past. To dive deeper, subscribe to us work on it the news.

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