cranium territory, a 3rd round of negotiations between the 2 countries has concluded with no major agreements as your news update at this hour, stay tuned for the business have lines coming up. next. i'm quite richardson in berlin for me, in the entire team working behind the scenes. thank you so much for joining us with they've had it for, for decades. people of iraq is devastated and there's no end to violence. how did it come to this group? this is revealed and unprecedented story late. he

behaved exactly like a gun. and the poison spread there with new life the great documentary series iraq destruction of the nation. this week on d w. ah, ah, oil prices had for new highs. a proposal for band russian oil imports since proved to with highest level since 2008 in the world actually get by without russian energy. meanwhile, anchor is growing and the german town that how is one of russia's major gas storage facilities in europe? local say they've had enough helping to fund the prevalent and businesses around the world are being pressure to sever their ties with russia or look at the impact sanctions or having i'm for till operating there until fi, delaney and berlin,

welcome to the show, global oil prices searched towards $140.00 a barrel. as countries consider a ban on russian oil imports. russia's deputy prime minister worn that oil prices could go above $300.00 a barrel. if its exports are blocked, germany in other you countries have rejected calls to cut off russian oil. but us lawmakers are moving forward with legislation that would do just that. the prospect of shunning rushes crucial energy supplies is likely to take main stage at a gathering of industry leaders and taxes this week. international sanctions against russia have so far excluded the country's energy sector. but that's about to change. the u. s. and europe are exploring a ban on imports of russian oil and gas attendees of sarah week and annual energy conference in houston are discussing how to replace russian supply. so now we see

that the u. s. is, is looking to venezuela is considering getting increased production from venezuela? well those barrels could come from canada. melbourne and canada says it has spear pipeline and rail capacity and can move more oil to the united states. washington would be in dire need as its own. rigs are currently operating at 25 percent below pre pandemic levels and can't make up for the shortfall. opec plus producers have also fallen short of their target at supply increases as of late at ban on russian resources, however, would not only impact energy supplies. i'm in the mining business in russia is one of the world's largest suppliers of nickel and palladium. most of them are heavily used in the automobile industry and in the auto catalysts industry is a large supplier of pot ag. and it's a large fire, obviously of oil and gas rush us war and ukraine hits the energy sector at

a crucial time as it was already reorganizing to slowly move away from fossil fuels . for now, it's unclear if that transition will be accelerated. i deeply is in more stated when i lose abuse in stomach and avoiding improving sustainability was supposed to be the main theme of sara weak. for now, the energy transition yields to a more urgent problem. now for more or less, let's bring in our financial correspondent, james sweetie. in new york, james, we've seen this really sent shock waves through global market today. we did see oil come back a little bit after it seems that the you as a bit reluctant to really push that lever of banning by russian oil imports. what is the ala care for oil could receive $300.00 a barrel? well, it's interesting, you bring up oil prices coming back a little bit earlier this session. oil prices came back as they're supposed to when

any were leader says that originally they're not in favor of sanctions. that will limit the amount of global oil in the oil market place. it's economics $11.00 more inventory means lower prices. it's simple math. and whether you agree with germany stance or not, will let a lot of people saw this coming. no one i spoke to here on wall street, expected germany to start taking in russian oil immediately. why disrupt an energy deal? german leadership help broker and upset citizens with higher prices. and germany said that today they want to keep social cohesion. because and here's the answer to the 2nd part. prices can still go higher. all it takes is more debate over the morality of giving funds to the aggressor or another sanction headlines. and there you go, a price of spike, and we saw that at the end of the session today for the status oil either we've also seen, you know, we nickel as, as we heard that report really i, having a very volatile trading day is going up significant percentages, what does this mean when the u. s. is already a seeing inflation at 40 your highest so this means just

a lot more upset. people who have to continue to budget themselves harder. look who wants to spend more and not receive more. it goes against common logic and if you want to talk about the impact on a person's life, or on a personal myself less than a jewel from alan, from pennsylvania to brooklyn, new york, that's a 150 kilometer drive. i did the math and 2 years ago the same drive, so a guess at 289 ago and now it's 449, a gallon combined with 40 year high inflation. so commodities futures price is through the roof, future prices. what did they do? the single, the future, what the future holds for us for a given commodity. and right now we have oil at the highest level since 2018. we'd a 14 year highest melting supply concerns. simple math expected predict consumers to spend more of james sweeney in new york. thanks so much. thank you. now, oils volatile de looked actually team in comparison to the european natural gas market on monday. benchmark prices were up stunning. 60 percent. that is sure to add

pressure on you. countries like germany who are still highly dependent on russia's natural gas. russia export at 198000000000 cubic meters of natural gas and 2020, more than a quarter of that went to germany. which is by far moscow's because you customer, but even other smaller member states like italy or the netherlands are bigger customers than china, despite being much, much smaller in size. now as for how important that is to their overall needs, you can see here that a russian natural gas made up more than half of germany's overall imports and 2020 . but new leaders don't want to stay that way. here's what you commission president or the lavano randa lion had to say about reducing the blocks energy dependence. we have to get rid of the dependency of russian gas, oil and coal, and there are 3 main pillars. one is that diversification of supply fly away from

russia and to watts reliable suppliers. this is mainly ellen gee, and pipeline gas. and both have the advantage that the infrastructure is overtime hydrogen compatible. and it's not just the flow of natural gas from russia to europe, that is proving problematic. moscow also has control over some european storage facilities for the communities around these sites. it's becoming a source of unease. mayer hands peter haskin, looks out his office window at one of the largest gas storage facilities in europe . it's operated by a gas prom subsidiary and yes'm. gam and northern germany, gas exports are a key source of income for the kremlin, and it's war deutsch, desert, dessert creek of with thousands of people are dying right now in this war, lesson industry. and that means ultimately we here in germany and in this community

are paying for it. so i don't think anyone here still stands behind this company or knowing that his modem stayed. the natural gas is piped in from russia and is stored in salt dome's deep under ground. what especially a noise the mayor is that the volunteer fire brigade is responsible for ensuring the security of the gas from plant that cost the town around $250000.00 euros a year is all undefined ballgame dusty. there ought to be an agreement that the operators of the gas storage cover our costs. it would help pay for the work that the fire department does. we've performed an analysis and found out that about 70 percent of their costs are related to the facilities we fall importance yard of caesar and long dashed in the mayor has been negotiating with gas from german subsidiary, asked dora for years so far without success, an opaque network with ass, dora when gas gas,

cade and other gas from own companies, operates the largest gas storage facilities in germany. it owns important pipelines and it trades in russian natural gas. lawmakers say this causes communities to lose out on tax revenue. got the story. i know she's still in the past, these companies would suddenly change their name, and that would be a single cent of tax income left and thought was that there's no way of contacting the people in charge as of the following. our experience with gas from here in this region has not been good so far, gas from has been able to operate freely on the german market. even building its own pipelines like here in eastern germany. but now the ukraine war is forcing germans to rethink many of them say, the government must have more control the close of tactful power fuel. the crisis shows we need much more transparency than we currently have. at the moment it's

almost impossible to say who is actually involved with whom in which business and which gas is really flowing through which pipe with spacious gas mayor hands. peter haskin is hoping for more support from the german government, as the war rages in ukraine. people here worry about how much control the russian state has over their lives. now businesses around the world are under pressure to sever their ties with russia. but thus, with operations and employees based in russia are facing mounting problems. international sanctions mean they're paying heavy price for their present their safely handling flammable lay quits comas. hoover beck has developed the specialized system that he is self to russia or used to sell to russia before the countries banks were kicked out of the international payment system. swift has been criminal about and we can't pay our employees there and we can't export goods because your customers can no longer make payments for their deliveries from. the

hambrick port also saw russia as an important trading partner. but days after rotterdam in that straight with russia, the terminal operator here followed suit. as others most likely will says he has some traditions, orders. there is a lot of uncertainty in trade these days we are in close contact with our office in st. petersburg long and they are constantly talking to customers, shipping clients, and others to see where their shipments are. a lot of so, but rotten on to token warrior bonds in the same uncertainty is also felt by companies in hamburg. says the local chamber of commerce, 900 businesses here have relations with russia. a group of experts tries to sort out, the situation was on the name, the large companies with business all over the world are diversified to a point where they can compensate the loss of some partnerships with others. but

specialized providers who might only do trade with russia. they are very directly affected and have a problem with the baton mild among germany's trading partners. russia only ranks 15th and yet the current sanctions are a huge challenge to many german businesses and the economy. and that's our show until next time. take care ah barbed wire, straight across georgia fo yes, russia has been pushing its borderline deeper and deeper. citizens militia bravely resist rushing occupation of their country creeping annexation clues up on d. w. a. can europe do without rush and gas?

shears over gas and oil supplies are soaring as prices he to record ties. how can europe end its dependence on russia? can the continent suddenly turn off the tap of business special? in 60 minutes on d w. oh. we're all set to go beyond the obvious a as we take on the world. 8 hours, i view all the fields were all about the stories that matter to you,

whatever it takes by police. my follow with those. here we are, your is actually on fire made for mines. ah ah colgate puppy touch, be li tends to his cattle outside his village on pastures that have been steadily shrinking since the south, the sea, she and region definitively broke away from georgia and 2008. goggins land is now divided by a new border, heavily guarded by russian troops. who locals, fear i've robbed the russians, arrested me here, just recently. oh, shoot, light in the day came all the way up to there and chased me this way. i said we're february.