ukraine and western allies have denounced a pro ration caught in the dumbass full sentencing, 3 foreign fighters to death. they say the trial of the tree, britons had one more rock and was a sham and fire lights. the rules of old you're up to date. stay here, fit d w business out. next of course there's more now website d, w dot com, you can follow with on instagram and twitter to handle. there is a t w. i'm jarrett great, thanks for watching. ah, imagine how many pushes lunch thrown out in the world. climate change can be very often storage. this is my plan, the way from just one week. how much work can really get

we still have time to work. i'm going with. it happened 175 years ago. the young start up entrepreneur at a specific goal. 1 build the article instruments in the world. good size is which has become a reality. 175 years of size starts june 19th on w ah, the e c. b. as going for a hike. european central bank has decided to raise interest rates for the 1st time in 11 years. will it be enough to squelch soaring inflation in the euro? also on the show, a black it keeps ukrainian exports locked in while western sanctions keep supplies

out of russia. we examine the impact this is dw business, i'm christy plots, and in berlin the european central bank says it's prepared to preparing to raise interest rates for the 1st time since 2011. the bank has signaled rates could rise by a quarter of a percentage point with more coming in september on thursday. the bank also ended a long running stimulus scheme. the e. c. b is trying to tamp down on record high inflation, worried that a could trigger a wage price spiral, which would worsen inflation further. the e. c. b is falling in the footsteps of the federal reserve and the bank of england, which have already aggressively raised prices. and are promising further action terrain in inflation. e. c. b president christine the guard explained the reasoning behind the decision. high inflation is a major challenge for all of us. the governing council will make

sure that inflation returns to all to percent target over the medium term in may. inflation again rose significantly mainly because of surging energy and food prices, including due to the impact of the war. but inflation pressures have broadened and intensified with prices for many goods and services increasingly strongly. well, for more i'd like to bring in our financial correspondent yann's quarter in new york high gans. so the e. c. b is the latest central bank to hop on the right height bang, right height, bandwagon. seems like more signs of concerned that inflation is going to be knocking hard on the economy. are we staring down the barrel of a global recession at this point? well, christy, it is not set in stone that we will dive into this recession barrel. you mention it to, but clearly the likelihood is increasing. what although central banks trying to do

with the interest rates increase, they try to suck some liquidity out of the market. may companies spending less than the goal always in the soft lending and so to avoid recession, but history has shown that this is pretty difficult to achieve. and there's so many different moving parts that it's really tough to really call that recession is unavoidable, but definitely more and more people are, let's say increase the likelihood that we are going down that path. and i know we heard up briefly a little bit ago from the us secret treasury secretary, janet yelling things. she didn't see it, the most likely scenario. but in any case, i wanted to ask you the cobra, 1900 pandemic at the war. and ukraine obviously have had major effects on prices as well. how much affects concentra banks even have in this situation? a jeremy garcia, jenna jen at it being part of the government,

its obvious that she is trying to avoid talking about a recession. but if you look what is it going to happen a with those some interest rates and they won't work from one day to another. so it could be a long pass of before the interest rate increases. help to really bring inflation a down by the way the federal reserve is going to have their next meeting and next week wednesday. and it is more than likely that we will see another a 50 basis point, an increase. so if you look what happened the last time that we've seen a similar high inflation that was at the beginning of the eighty's, the federal reserve pick, then actually pumped an interest rates up all the way to 19 percent. so we won't see anything like that. now, but back then that actually did cause a recession, but as you mentioned, as i've mentioned, there's so many moving parts. so increasing interest rates, it will only was only going to be one to will a to help fight inflation. williams will be checking with you next week on that fed

update. of course, thank you so much now to some of the other global business stories making those today. lufthansa says it's canceling over 1000 flights in july because of staff shortages as the industry attempts to bounce back from the pandemic. the german airlines said in a statement, it had seen a jump in demand as a crone of iris outbreak ease. but at that its infrastructure has not fully recovered. strikes at charles de gaulle airport, grounded nearly a quarter of flights on thursday, around $800.00 workers protested outside the airport. demanding a monthly pay raise of $300.00 euros, and a strike by firefighters close to the airports, fort runways, that's on top of covet related blaze. ukrainian economy contracted by 15 percent a year on year in the 1st quarter. hit hard by the russian invasion. it followed growth with more than 6 percent in the final quarter of 2021. with the war

continuing, the world bank has forecast a drop of 45 percent for this year. now what volt vladimir zalinski has warned that blockaded ukraine. grain stalks could triple by autumn, leading to starvation for millions across the globe. ukrainian president estimates the amount of grain could grow to up to 75000000 tons from the current 20 to 25000000 currently blocked. his warning comes after russia said it would allow ukrainian grain exports to leave via the black sea on wednesday. still, sanctions against russia over its worn ukraine are intensifying the european union . this week agreed to phase out up to 90 percent of russian oil imports by the end of the year. it's part of the latest package of western sanctions hitting the russian economy of the you has already agree to ban all russian colon ports starting from august. there's no, you been on natural gas. the germany cancelled a major new gas pipeline. russian companies have cut gas to some countries for

refusing to pay in your it roubles. most russian banks have bought been blocked from the swift global payment system. gas prompts bank is exempt. however, as some countries continue to pay for gas. also, many major brands have pulled out of russia, whether on principle or due to payment problems. these include mcdonald's, ikea, apple, and major automakers. russian ships are banned from docking in many countries and major cargo companies have stopped delivering non essential supplies to its ports. and aviation has been effected heavily as well. most western countries have closed their airspace to russian aircraft, and the e. u has banned aircraft sales and leasing to russia. the country's pilots aren't happy about being grounded. alexander is a russian airline. pilots and now he has a lot of time on his hence. but he won't disclose the carrier he worked for before russia invaded ukraine. he is angry with his country and it's politicians or donald

wizard though i know, but a deep truth, but i know to beautiful. i certainly call it a war if someone goes into a foreign country at 4 in the morning and starts shooting and killing bombing and firing rockets, what would you call that life without doubt or war most. regardless, palupa, muslin, idealist, ah idealism. our flights were cancelled when it begun. we stay on the ground here in moscow. our wages were cut, while prices and grocery stores were climbing for years. mclennan is your magazine . there is differ from our verola. the situation has somewhat slowly come down in the supermarkets. the empty shelves at the beginning of the war in march have been re stocked. and now inflation is less dramatic than expected. the thanks to little bull stabilization but as a sanctions are being especially felt in sectors there to rely on west and suppliers, especially the abbey asian industry. many leasing agreements were cancelled ration

airlines fear their planes could be confiscated abroad, so they are ending their international flights. i expected a lot of a such situations in the near future. of course, there is a bigger problem, especially in addition industry and probably automobile industry. because in that are cases the import components are much more important than in all that industries. and i think that we should expect some are kind of increase in unemployment. that's already affecting workers from more than $1000.00 to western firms that are beating russia, including german industrial giant, siemens. 3 years ago it sealed a 1000000000 dollar deal for 30 new high speed trains called sap sand. in russia. they travel several times a day between moscow and saint petersburg. siemens has cancelled their delivery and

ended its business in russia after some 170 years. the exit of foreign firms and western sanctions is weighing heavily experts worn even so many are skeptical as to whether these measurable force of the kremlin to change its course. oh, i don't think that we can change the current political situation in russia and political decisions in near future by look, alexander has given up hope for better times, a hat, at least for the one sprout russian aerospace industry, which are more than just the road for many colleagues aren't just trying to get jobs abroad. they also want to leave russia entirely. in my opinion, the current situation won't change for at least another 5 years, nor lived at 30. alexander also has a new job offer in the west, so he is days in russia, a numbered we spoke earlier to erie ross shadow who made that report. we asked him

about the impact western sanctions are having on russia both to go through moscow's grocery stores. for example, you would think that there are no sanctions at all. nothing has changed. i would say that to the food supply, he and regalato is partial a poorer than in moscow. but if you look at the prices, especially for imported goods, you can see a clear difference compared to the times before the val, ah, prices have recent substantially for the import to the drink. but like, like i said, the supply situation in general has normalized, especially if you compared to march when some of storage wat suddenly empty. this is mainly thanks to this civilization of the rubel. but the sanctions are really halting, russia in all industrious as that to depend on supplies from the west, especially, all thinks that that rely on migrant years. also, more than 1000 to west and companies have left russia and today that there was more bad news from for moscow. big chinese companies such as how are why a hallway are pulling out of rush as well, probably out of fear of becoming targets for western sanctions. as well, and

a reminder of the top of his story we're following for you this our european central bank says its preparing to raise interest rates for the 1st time since 2011 . the bank has signaled rates could rise by a quarter of a percentage point next month for that's our show for more. you can check us out a d, w got a dot com slash business, and the dw you to channel. we're also on facebook for me and the whole business team here in bo and thank you so much for watching. the show is the end of the pandemic in site. we show what it could look like. return to normal and we visit those who are finding it difficult

with successes in our weekly coping 19 special next on d. w to the point strong opinions. so we're positioned international perspectives. as western sanctions take a total on russia's economy, it's looking elsewhere for markets and finding a welcome partner in china. russia's more on ukraine could china hold the cards, join us on to the point. to that point. in 60 minutes on d. w. ah, it is a secret and to see endless one action,

the conflict between iran on the one hand israel and the united states on the other a for more than 40 years, the adversaries have been irreconcilable. there is never been any real dialogue. how did this confrontation begin? how great is the danger that it will spread? the long war? his will. iran usa starts june 15th on d, w. ah, the new army concept variance be a point 5 has triggered arise and infections in portugal. but in many countries, the pandemic appears to be leveling off right now. what have we learned over the.