Home International News Germany faces a €5 billion blow from Russian gas sanctions

Germany faces a €5 billion blow from Russian gas sanctions

Ggood morning.

Germany is bracing for a €5 billion hit after Russia imposed new sanctions on its gas supplies.

The country has been forced to buy replacement gas on the market since the Kremlin turned off the tap on Gazprom Germania, which was placed under government control last month.

The current impact is expected to be 3.5 billion euros per year, with further costs from filling the natural gas storage facility in Rehden, Welt am Sonntag reported.

The newspaper added that the additional costs will be passed on to energy suppliers and customers in the form of a gas tax from October.

5 things to start your day with

1) More than 70 companies across the country are allowing their employees a four-day workweek starting today More than 3,000 people working for 70 companies, including the Royal Society of Biology and a fish and chip shop in Norfolk, will be working a shorter week without paying a loss from today until December.

2) BT told to prevent people from getting stuck in rural areas after major storms Ofcom wrote to BT after the chaos caused by storms Arwen and Eunice left some communities without power for days.

3) Elite City law firm Clifford Chance names first-ever ‘global wellness chief’ The so-called magic circle firm, which last month raised wages for newly trained lawyers in their mid-20s to £125,000, has hired Aon director Charles Alberts for the new role.

4) Ryanair faces discrimination claims after giving pilots a test in Afrikaans a number of South African passengers complained this weekend that the airline was allowing them to take a general knowledge test in Afrikaans, the country’s third most spoken language.

5) Metro Bank sued for ‘magic money machines’ An American software company has launched a Supreme Court battle against Metro Bank over claims that the lender has leaked trade secrets for its “magic money machines”.

What happened overnight?

Major Asian stock markets rose this morning after Wall Street fell and a survey showed the downturn in Chinese services activity eased in May as antivirus controls were lifted in Shanghai and other major cities.

The Shanghai Composite Index rose 1.2 percent after business news magazine Caixin said its monthly services purchasing managers index rose to 41.4 from 36.2 in April.

The Hang Seng in Hong Kong gained 1.4 percent and the Nikkei 225 in Tokyo 0.7 percent.

coming today

  • For Business: No scheduled updates
  • Economy: SMMT new car registrations (UK)Caixin Services PMI (China)

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