Markets slide as soaring oil and gas prices stoke stagflation worries – business live

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German chancellor Olaf Scholz has pushed back against calls to ban Russian oil and gas imports, as part of Western sanctions against Moscow over its invasion of Ukraine. In a statement, Scholz cautioned that such a move could put Europe’s energy security at risk, and that energy imports from Russia are currently essential to citizens’ daily lives. Scholz says: “Europe has deliberately exempted energy supplies from Russia from sanctions.

“Supplying Europe with energy for heat generation, mobility, electricity supply and industry cannot be secured in any other way at the moment. It is therefore of essential importance for the provision of public services and the daily lives of our citizens.” Scholz’s comments come a day after US Secretary of State Antony Blinken said the US was in talks with European allies about banning imports of Russian oil, to intensify the pressure on Moscow to halt its invasion of Ukraine.

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Markets slide as soaring oil and gas prices stokes stagflation worries – business liveMarkets slide as soaring oil price stokes stagflation worries – business live
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