as host 3 years ago, the way 1st says it's monitoring the ukraine situation, but is not plot planning to change the venue. reacting to the decision, british prime minister barak johnson said it's inconceivable that major football tournaments cannot take place in russia. if you're watching d, w, use stay chain for business headlines with christie plans and with what secrets lie behind these walls, discover new adventures in 360 degrees and explore fascinating world heritage sites d w world heritage 360 kept. now sometimes a seed is all you need to allow big ideas to grow. we're bringing environmental conservation to life with learning pass like global ideas. we will show you

how climate change and environmental conservation is taking shape around the world and how we can all make a difference. knowledge grows through sharing. download it now, feel free. ah, new sanctions targeting, targeting russia from the e u and the u. s. u s. president joe biden says russia will pay an even steeper price if aggression in ukraine continues. and germany holds the certification of nord stream to the completed gas pipeline was meant to double the flow of russian gas to germany. while the middle of curt warm this is dw business, i'm christy plots, and in berlin us president joe biden has an out sanctions on russia that will go

far beyond those hughes when moscow and ex crimea in 2014. the move is in response to russia's military escalation against ukraine. the sanctions will target 2 large russian financial institutions and moscow access to western financing, as well as russian oligarch and their families. biden said the u. s. is prepared to go further. should russia expand its aggression against its neighbor? for more we go now to james sweeney in new york city. james. hello. what's the reaction we're seeing on wall street? well, it's interesting because at 22222122222. i was on the floor, the new york stock exchange, and that to 23 by then hit the screens in the markets which were down about 700 points. received a bit of a lift, rebounding about half down, only $350.00 points, all because president biden spoke

a big game. the markets were waiting to see if he could talk to talk. and he did. you know, the sanctions on russians, banks, b, b, it's military bank, you know, sanctions on its sovereign debt and certain wealthy individuals in the markets that were just very happy. he did something and made an announcement. well, james, fine. so these moves are also going to have a cost at home. what can ordinary americans expect? well, that's a very big question for us americans, because we're already dealing with 40 year high inflation levels. energy prices, that's fuel natural gas. the continue to sor vehicle prices, sky high, rose supplied material shortages, real estates through the roof, and even just the other day, i was in a supermarket by $20.00 grocery bills now $35.00 because the price of me, dairy and vegetables have sort of just the last 12 months, so to give you a broad answer, what americans can expect is more financial hardships, paying more for everything in anything and even more well, more upset americans were struggling just to get food on the table for themselves and their families. since quite frankly, the bite in administration took office in the past 12 months and this back and

forth with russia is that the make americans happy? and both the short and long term that was james sweeney in new york. thank you. while the u. s. isn't alone and reacting on the nordstrom to baltic see pipeline has been controversial from the start. and now it's officially been called off, at least for the time being terminal or german chancellor. olaf schultz has stopped the certification process of the completed pipeline on tuesday, after russia formally recognized to break away regions in eastern ukraine. the 1230 kilometer nord stream to pipeline, which caused 10000000000 euros to build has been ready since september last year. but has yet to be put into operation germany withheld approval due to the russia ukraine, tensions, and it's shoving the project for now after moscow recognized the self proclaimed people's republic of luke guns, can don't ask habit. as i have asked the federal ministry

of economy today, due to withdraw the existing reports on the analysis of supply security at the federal network agency taken as this may sound technical to give, but it's a necessary legal step. so the certification of the pipeline doesn't take place and without the certification nord stream to can't go into operation. rushes state owned gans prom is getting hit, the hardest, its share of the construction cost amounted to 5000000 euros. even worse for gas prom and the kremlin, is that a projected annual 55000000000 cubic meters of gas won't be delivered to germany. revenue that will be missing from russia's budget. but germany is also paying a high price. the plant phase out of nuclear and coal fired power plant is creating supply gaps that russian gas was supposed to fill. and germany must now purchase more expensive liquefied natural gas by ship. the russia ukraine crisis will also

heard european energy consumers who are already paying much more for gas than they did last winter. it goes farther than nordstrom to the european union has also announced the initial sanctions of their own to put pressure on russia. u member states agree to bar russian government access to u capital markets. they'll target overseas assets and visas of the russian. dumas, 351 members. and they'll sanction $27.00 russian individuals and institutions tied to recent events. and this include banks with links to the russian military. you commissioner vonner, lance said, members want to make it as difficult as possible for russia to pursue its aggressive policies. over in the u. k, a 1st round of sanctions will target the assets of 5 russian banks and 3 wealthy russians. london is a popular destination for the assets of russia's wealthiest prime minister boris

johnson's bout a barrier of further penalties should russian aggression continue? i spoke earlier with theresa fallon, director of the center for russia, europe, asia studies in brussels. and here's what she had to say about whether these sanctions will be enough to make a difference. the big issue was energy and we need unanimity from all you member states. and before the sanctions were even announced, it was understood that both austria and hungry might be opposing it. so having unanimity was a big question, but that seems to have been overcome now. and also the key issue is energy issues because both france and i'm sorry, germany and italy did not want to have sanctions on energy. we've seen increased dependence in energy by european member states dramatically actually since 2020. so i think that this hasn't been an error of resilience and the figure for today's that combined u. s. u k. and you purchases of russian energy will equal $330000000.00 in just

124 hour period. so that's a real lever, but i should add an important signal from this morning was when chance german chancellor schultz announced that nordstrom too, would be put on the back burner. so that sent an important message to the rest of the member states that that they were sincere about sanctions. but that won't hurt because it's not really been used yet. it hasn't been certified. so it's a signal that they want to have intense sanctions. but this is the 1st trench of sanctions because the big debate now is how they actually invaded, or the going into regions that were previously occupied by russian proxy troops. so i think the kremlin has deliberately this rather opaque, and so this must be like, stepped sanction. so there was a big debate about what has actually happened. right, right. well talking about energy as you're just brought up. i wanted to ask about

that because that's really been a major pain point for europeans this winter. now we're seeing oil and gas prices jumping today even higher amid this escalation. how is this a jump in the price of energy likely to affect the european economy? is where we're already feeling a pinch. this is the issue. now. oil's at about $100.00 a barrel of breath crude i should say, and gas prices. we've seen a teaser from a former president jimmy treatment, data threatening europe, that they will more than double gas prices if they impose any sanctions. so the russians are really playing hardball. and because there's this increase dependency on russian energy, the russians understand that they have a real lever of influence over the europeans. in addition to that, we have the post covered 19th, economic landscape, which does not look good. and people don't really have an appetite for higher energy prices, which will also increase inflationary pressures. so this is a huge problem for europe. and i think that this is part of the timing of this whole schedule of put and he understands this. and he has deliberately or some

ellis have said, including the international energy agency that europeans did not have big stockpiles. there's very little gas in storage. last i checked, there's about 5 weeks left. but it seems in some areas, the hardest part of winter is over. but i still think that this will hurt in the pocketbook and politicians are worried about that, especially some politicians who will be facing election soon. well, as you mentioned, germany has said it's halting approval of the north stream to gas pipeline from russia. who is this going to hurt more germany, russia? well, the nurturing to pipeline hasn't been used yet, and germany will continue to get their energy to other play routes. but i think that had sent a clear message that germany was really serious and that had an effect on the rest of the you in regard to sanctions because it will, over the longer term possibly hurt the german economy because they put such huge investments into this pipeline,

and let's not forget that europe has actually grown independence on russian energy up 26 percent over the last 10 years. and now it's at 42 percent reliance on russian energy. so there is a conundrum here that the europeans are actually paying for the russian energy machine if they don't put sanctions on energy, even though it may be very, very painful for these economies. theresa fallon: many thank you now to some of the other global business stories making news today. ah, german car maker v w group is moving forward with its plans to list it's sports car subsidiary. portia, on the stock exchange, the 2 companies have agreed on the key terms for the preparation of an i p o, which could be one of germany's largest in years. hsbc says it's oil and gas. plants need to cut emissions by more than a 3rd vis decade. if they want to keep getting loans. hsbc is a major lender to some of the world's biggest energy companies. it's plan is

expected to set the tone for other banks, most of which have yet to release emissions targets. and in britain, the number of women in top company boardrooms has jumped to almost 40 percent from just 12 percent 10 years ago. according to a government study with britain's business secretary said, the figures show that the u. k. wallen, terry approach to equality is working without the need for mandatory quotas as deployed in countries like germany. and a reminder of the top business story we are following for you this hour. u. s. president joe biden has announce sanctions on russia that will go far beyond those used when moscow, annex crimea, in 2014. the move is in response to russia's military escalation against ukraine. the sanctions will target 2 large russian financial institutions and moscow access to western financing, as well as rational guards and their family. that's all for me in the business team

here in berlin for more check us out on our website, d, w dot com backslash business. we're also on the dw news youtube channel, and you can find us on facebook as dw business till next time i care with voices from the street for vision, ah, mahogany music is a new kitchen mix of funk. electro and ram. lyrics are about drugs and women homes, this song speak to the song of the younger generation. oh, but now with that on performing it next on d, w. ah, what is money?

worse, everything is getting more expensive. inflation is making people nervous. but how did this happen? and could crypto currency offer away out a glimpse into the complex world of inflation made in germany. 60 minutes on d. w. o. ah . dogs are more intelligent than most people think. with psychology professor john pillay has proved it. how you ask with scientific studies. of course you're doing.

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