welcome to the program. the escalation of the crisis in ukraine has sent shock waves through global markets. european stocks, slums to 7 year low as it started trading as an invasion of ukraine by russia appeared more likely than at any other point in recent months. asian markets had also had their worst day for weeks. meanwhile, investors sought out safe havens pushing up the price of gold. and with the price of brute brent crude oil climes to its highest point. since 2015 of affairs, the russian exports could be disrupted. western allies rushing to implement sanctions after russia recognize the independence of 2 regions of east in ukraine. the white house is already banned investment and trade in separatist regions. other possible sanctions include banning russia from the swift banking system, making it difficult for russians to receive money from abroad. the u. s. also says that it's willing to cut off rushes access to us dollars. well, let's discuss the situation further with clements 1st president of germany's

institute for economic research. thanks for joining us on the do business that start off with those sanctions. how are any of those going to stop president putin in their track, in his tracks and can they they can increase the cost for, for present, put in all of proceeding with a strategy. but he doesn't seem very impressed. and we have to see that in russia has already been subject to sanctions after the 214 crime mean crises. so trade with other countries has been subdued since then. so, so this makes it more difficult. still, russia exports a lot of natural gas to europe. exports oil and that would be a possibility. but here the trouble is that europe is so dependent on russian gas that at least in the short term that can be done more can be done in the medium term. and it's also possible that using targeted sanctions against particular

companies or individuals, even some pressure may be put on protein, although it's unclear how influential other people are in russia, whether he's mostly taking decisions by himself. yeah, you mentioned, however, it is very dependent. york is very dependent on russian gas and oil supplies. how united are the western allies behind these sanctions when they have different amounts to lose them? well, there is a potential for conflict simply because the western countries are very different. the effect it would be different. the effected by sanctions against russia. so the next days i'm afraid will show to what extent they are able to put their differences aside and give a clear signal to putting out what putting has done yesterday. very clearly shows that he doesn't take the european government seriously. he doesn't think they will

be able to act decisively against them. now we will see whether he's right or wrong with that assessment. we've already seen at the white house present by signing an executive order banning investment by us firms in don. yes. and is that something that's actually going to have an impact, or is that merely symbolic? that i would think that this has no impact at all. it's purely symbolic, and it's clearly insufficient. so if it is left to that putin will feel in courage to continue his expansionary policy. so the sanctions need to be much stronger than that. and it's just 10 to the impact that this has been having on global markets. you seen stumps reacting dramatically to development in ukraine? why are and that's just so worried about the potential for russian invasion. i think this is the increased uncertainty and the impact on energy prices,

mostly higher energy prices, are a burden on the economy. and there is a lot of uncertainty, and i suppose many investors expect other investors to get nervous to say payment. i think that explains current developments. again, a lot will depend on how the situation continues. if investors can gain the impression that that will be it, that the crisis will not escalate further. financial markets will also come down. i would expect. okay, from the institute. thank you for joining us and bring us up to date on this moving story. now moving away from the crisis in ukraine now, and the worlds of professional football and crypto currencies have become increasingly in meshed, over the past year. many clubs have teamed up with crypto companies to sell controversial crypto fan tokens. owners of those digital fan take into the perks

and can vote on pub issues like what music's played in the stadium. now, most clubs, offering fan tokens have signed up to a company called so ceos that organizes the initial sale and subsequent trading of fan taken. well, in a $120.00 clubs already use so series including many of the biggest names in soccer . now according to estimate football clubs have taken on at least $350000000.00 by selling a crypto fantastic. and so far on so ceo's but the values of many fan tokens have decreased since they were initially sold by the clubs. now in england, the birthplace of football, 17, out of the 20 premier league clubs have at least one deal with a company in the crypto sector. however, critics say many and vote only exist to suck up people's money using football as a way of lending some credibility. well, our reporter arthur sullivan has been looking into the this growing link between

football and crypto assets joins me in the studio. what exactly is going on here, and what sort of deals are being struck between football clubs and these crypto firms? right, so rob, this has been a development that's happened over the last 2 years or so. so around the time the pandemic hit that also coincide with what's been a rapid increase in the value worldwide of the crypto sector. it's going to be about 5 or 6 fold in that time. also at that time, football has a big funding crisis. as a result of close stadiums and the revenue streams been shut off. so you could say that, you know, they found each other in that sense, more money encrypt or less money and football. so marriage made in heaven. the kinds of deals that have been stroke will very significantly, some of them are symbol sponsorship deals in the conventional sense. there's a lot of n f t activity tubs or get involved in the non forms of those token asset sector because they believe that that would be something that's going to grow and grow. but the big one you touched on there is this socio dot com, that's these fun tokens. so people can buy a fine token and then they can vote in, you know, minor club issues like the type of songs that would be played at the stadium. things like that, wherever the crucial thing rob with these fun tokens is that you most buy them

using socio dot coms, own crypto currency, some chillies. so you cannot buy them with your own money. you can't make a bank transfer, you must buy their crypto currency 1st. the font opens then fluctuate in value. so what we've seen a lot is that, you know, for example, take my city the most successful tobin england at the moment. they've been basically winning every game for the last 3 months. yet they're fund token has gone down in value at that time. so quite why the font opens go up and down a value it's not to do with the team performs. it's to do with why any digital assets goes up and down. we can't be sure it's fluctuating prices, supply and demand, and thyme groups have actually been quite vocal about their opposition to these schemes. what do they see is the problem? well, yet that there's been a lot of strong criticism from fine groups in the most recent we saw was just last week. you wayfair. so the organizing body for football in europe, they stroke a day with socio dot com even though they're not even a club. and various find groups respond to that, saying it was another example of how the crypto currency sector was being promoted by football as if it was a fine engagement offering. whereas critics say, it's just like any of the crypto investment funds are not buying stakes and their

club. they're not having more access to caleb issues or having more saying that they're simply buying crypto acids. and for example, we saw recently arsenal in london, very big football field there. they had to ads band for their fun tokens because they were said according to the you at you can advertise and regulator misleading trivializing investment in crypto not accurately portraying the things that funds are buying as crypto acids. and we've also seen, for example, situations where man city, they did a deal with a crypto company called 3 key. and within 2 days they had to pull out that deal because it was clear that this company didn't exist in any conventional form. so it's a shady area with big risks for fans and even off the sullivan. thanks for staying on top of that for us. staying now where several regions are experimenting with their own local currencies. now it's not an attempt to break away from the euro, but part of an effort to support local businesses as they recover from the pandemic . take a look, lou. it's

a paradise for flamingoes and many other bird species. the april delta on spain's mediterranean coast is famous for its seemingly endless rice patties and more recently before its own currency. under in there is a single arrows, marty, some euro. we see 120 euro delta's from the municipal treasury every 3 months ago. about the bills of the same value was the normal euros, and are intended to help the 65 year old get through the coven pandemic. even before the crisis, she could barely afford anything. for months chronically ill at home, sick with cove it and depressed is that his eye is lacking me or the support helps me get back outside the day, have a coffee or by hair shampoo. oh boy, these are things i couldn't afford before. who says he can't? there's nobody. here. the coven,

19 pandemic is hit the village of dough to play with its 10000 inhabitants hard. so the new currency is meant to bring some relief body. some euro can only spend her euro dealt is in town. you online shopping malls are off limits, more than 60 stores or participating in the project. so in total, more than $50000.00 euro deltas have already been put into circulation. at the end of the month, retailers exchange the local currency for real euros at city hall avenue. when i start for us, it's good because it means more people come here. instead of going to a big supermarket this way, the currency helps the small stores in the village at city hall, the euro dealt is seen as a success story close to people's needs and local business friendly b. nope, but i won't open while we introduce the currency at a time of extreme weakness, which is ongoing

a. that's why we decided that while the euro delta came during covert, it came to stay. l copied this in over e kessick. and i last for the more than 230 recipients, like mighty some you know, it's great news. after several back operations, she's unable to work and can barely make ends meet on her bigger pension. by other marin covered as marianna in the mornings, i can now have coffee with my girlfriends again. wonderful. not every morning, but we can chat and i'm not always at home already. that's exactly what i need. i know. but he said, is able to pay with euro dealt is at her local cafe because it's not only the book radios, but also the togetherness that conference her in these difficult times. just type a reminder, the top business story we're following for you this. our markets have plummeted around the world as president putin note as russian troops into easton. you train me while the west is discussing economic sanctions against moscow as over man of

his team here in berlin from all had a d dot com slash business until next time. ah ah, with

a pulse a beginning of a story that moves us and takes us along for the ride. it's only about to perspective culture information. this is dw and d, w made from mines o every day for us and for our planet. a global ideas is on its way to bring you more conservation. how do we make city screen or how can we protect animals and their habitat?

what to do with all our ways to we can make a difference by choosing reforestation over deforestation recycling over disposable smart new solutions overseas said in our ways or is truly unique. and we know that, that uniqueness is what allows us to live and survive global ideas. the environmental global 3000 on d, w, and online dogs are more intelligent than most people think. psychology professor john pillay has improved it. hell us with scientific studies, of course, with the secret of a friendship. dogs and starts february 25th on d w.

ah, ah ah, this is d w. news line from berlin. russia face is down world wide condemnation of its escalation of the crises in ukraine. the white house calls it an invasion and germany halsey controversial north stream to gas pipeline project, all in russian recognition of separatist territories in easton, ukraine. west is also imposing a raft of other sanctions. meanwhile, vladimir putin says russian soldiers have gone in to to nat gunther hands.