following flee, a massive earthquake has struck large areas in turkey and syrian. the total death toll is already in the hundreds and is expected to keep climbing amid destruction, stretching from serious mediterranean coast all the way to easton tucking. that's what we have time for. chris cobar is up next up for a short break with your business news, my minute mc. and i'll be back at the top of the hour with national headlines. thanks so much for watching with i am. hi, lana. see, i knew, sky media, i am running for president of the republic of beller road, c o, b, b o with john den dar searches for the truth. again. this time,

the exiled turkish journalist meets svetlana at seattle sky, exiled leader of the opposition and bella roost. i mean, of course i'm tired, i'm tired. physically untied, morally, is too much on my shoulders, but i have to hold this weight that goes, i'm responsible for the future. follow contra for the people. far behind the boss. guardians of truth starts february 18th, on dw blue . ah, europe calls on the us to rethink green subsidies will watching to listen. the tray ministers of germany in france travel to the capitol, discuss the massive financial incentives for green firms, which have european leaders. also coming in here in fort bend on russian petroleum

product is an effect, complimenting other embargoes by the western russia. energy will help stop financing rushes. warn you. crank of expert announce. i'm chris called, welcome to the program. germany is trade minister says we can build a green bridge across the atlantic and build joint green markets. but does washington have an interest in that robert harvey and his french counterpart bruno the mayor, or in the u. s. capital today to discuss the so called inflation reduction acts which congress in the united states passed last year. part of it includes $370000000000.00 and subsidies to remote green manufacturing jobs in the united states, but it excludes many of washington's closest partners. the e u fears that this will pull key green tech companies away from europe. ah, it's all about the jobs of the future. many of those will be, well, automakers,

and other high tech companies find the best conditions to go green. okay. president, jo biden's, $370000000000.00 subsidy package. translated into a hostile act for the european because it excluded this company. now, germany and france wants to talk. these 2 have already been through a lot of a ukraine, or what havoc and bruno lemaire, the german and french trade ministers are heading to washington. and we have to explain to the americans that part of the inflation reduction act aren't compatible with will trade organization rules. and there are starting points to improve on that situation. exceptions for carmakers already on the horizon. those would be happy to take subsidies from both sides, and there's even a potential wind for, for the environment. this is more, in my opinion,

a matter of us having 2 economies now firing on all cylinders towards a green future than one. and i had to say, i don't think that's a bad idea and it's certainly not something that's worth having a trade war under d. e. u has just announced its own plans for green business. we are competitive, but simply throwing money at the green tech industry might not be enough. is that and when we see something like the i r a, this is something, it's nice to have. it's a cherry on top of the cake, but the investment decisions have to be seen in the bigger context. and that let's america's inflation reduction act appear like a small cloud of, of a relationship that is too big to fail in finding compromise. there won't be a trade wall between europe and the us because nobody can afford it. so while the french and german trade ministers may be able to take home

a few exceptions to the ira, a roles, most of all, they'll be taking home more homework for europe. the w as material occurs, no there. earlier i spoke to against z to chrome, professor of international economics at the university of dusseldorf, here in germany and a member of the advisory council to the economy minister. he is calling for the you to copy what he calls the sensible aspects of the inflation or doctrine act. i asked him what that meant or one of the charming aspect of the ira, so to speak, is that they're not trying to do it with government subsidies, but with tax credits, which typically come with left iraq chrissy and they're quicker in the implementation. p and subsidy programs, they're often de bureaucrats very complicated. they take quite a long time. and i think the european commission should really aim for more efficient and quicker programs and deciding more important than, you know,

putting up a vast amount of money and putting that into the window as a response to the re, the shot. the focus should really be on quick and efficient implementation. so streamlining decision making and all these things that determine finance matter. i saw the finance minister has also been calling for now the commission is proposing to make it easier for countries to hand out money to certain industries. only friends in germany had been in the financial position to do that during the covert and the most recent energy crisis, allowing this to go through would drive a wedge between richer and poor countries in the u, wouldn't it? yes, that's correct. that's why i think we need 2 elements here. i mean, one is to kind of reform state 8 rules make procedures more generous, but at the same time, more efficient and quicker. but as you said, i mean that would be attractive for germany and france for both so much for bulgaria, greece and so forth. so those countries, they are asking for lexer fiscal rules. so i think that should be the compromise. i

would advise not to go by our national of fiscal policies, but actually to make it a proper european program. so have common european pool of finances that is then on base you distributed across all member states to something like allah corona next generation you package or we should have a new 2nd version of that with a focus on green policies. ok. but on that note that the german finance minister has been saying there still enough money left in that and that sort of corona virus . a package and more joint debt is something that germany does not want. yeah, think we, we need a, a discussion about that. i mean, germany, a righty. so doesn't wanna come in depth or for just, you know, an arbitrary purpose. but here, i mean this is really a key priority for european economy and european industry for the next decades. so

spending that areas would be worthwhile. so i would agree with castell, in our finance minister that it shouldn't be the 1st priority to start about common dept right away. or 1st, we should basically use the resource that we already have. why? the corona package, and then only if that money is spent, or we should basically then on food food back all with, with the new depths. but that's the 2nd step. the 1st step should be focused on quick, efficient tools. use the money that's already there. oh and then basically get the program running and make sure that later on it doesn't have to stop because all money's gone away. i mean that would be bad politics and see to come professor of international economics. thank you for your time. thank you. any you important vargo on russian petroleum products like diesel and gasoline has been in

effect since sunday. it aims to further limit russia's revenues from energy sales and therefore its ability to finance its warn ukraine. the measures to compliment and import ban on russian seaborne crude oil that came into effect in december. russian oil tankers that won't be heading to european ports with shipping bands and price caps that you slammed at stores shut on russian supplies since russia's invasion of ukraine early last year. the amount of russian crude oil arriving in europe has dwindled. at the end of 2022, it was only a quarter of the amount it was at the beginning of the year. but russian tankers haven't stayed home. instead, the kremlin diverted many of shipments to other customers. russian oil exports to non e u and non g. 7 countries rose steeply in 2022 by the end of the year. countries like india important more oil from russia than ever before. rush us re shuffling of its client base and high prices have helped shield its budget. the kremlin raked in

almost a 3rd more oil and gas revenue in 2020 tooth and we than during the previous year. but experts warn that rush us windfall. honeymoon could soon be over with thanks and starting to bite the kremlin, predict that its energy revenues will decline rapidly in the coming year. all right, let's get there was a view on this was livia, galati, senior oil market analyst and energy experts consultancy. welcome to the w, olivia real rush and i'll be less were lined on oil revenues. to finance. it's warn ukraine. the impact of the embargoes for both crude and products which the product when kicked in yesterday has been to take away the biggest market for russia being europe. so that will of course, have an impact on the russian revenues. i need to be to find customers in the

global market. now the problem is that so far, particularly on the crude side, russia has been able to re direct most of its crude exports to asia. now the question remains whether it will be able to do the same with could products with the burglar now recently, and most people in the market are not so sure that will be the case. well, the question also is what that does to versus revenue, right? because india and china are gladly taken russian also far, but at a deep discount. yeah, that is true. the discounts are very significant. but the prices are still interesting enough for russia to sell at them and selling at a discount, depending on what that discount is, is still better than not selling at all. so that is why we're seeing funds flows continuing. and now the real impact would be if russia is not able to find new

customers for its products, exports. and that would really take a take a hit on russia in terms of its revenues. what do you think it's more difficult for russia to find customers for its refined products when finding customers for crude oil has been working? so for the reason is that 4 crude oil berries, natural market in the, in asia and china, any particular are huge importers of oil. so they can import from russia. they used to import from other places in the world in larger, on these displaced with russian oil for products is a lot more difficult because at countries like china and india, they produce products. and in fact be our exports or the products themselves. so the demand there is a lot less significant. so russia actually has to look at other markets outside of

these up to find customers that are not the european union. but it has, we struggled to do so, so far. and you really haven't had any large new markets emerging for products. libby or the saudi energy minister worn over the weekend to sanctions and under investment indian re sector could result in a shortage of energy supplies. what are your thoughts briefly if you could while we connect equation where we actually event on the investment in energy supply for many years, and that having the resulted in a shortage or supply. if you look at any supply demand balances from any anyone looking at the market at even patricia where demand is weak as it is right now. your global invent ryan, which is a sign i find a supply is just not heating that mark and with russia out with the market

for, for the western world. and that's to the problem. energy analyst livia galati libya, thank you for your thoughts. thank and the rats up a program for more check out our website at the d. w dot com slash business. and of course, it's always worth checking out the details. the news, youtube champ, i'm chris kolber and berlin. thanks for watching. have a successful with independent past totally depend on what dependent on the benefit climate change. climate activist anita signer is fighting to protect her home in kenya and not with weapons 3 saplings. bank until i wake up quite a bit opposed to action,

which i think that's a little hoping to meet with on the de leon. i was just curious if you thought they were great, you will be able to see a do you know the think it tell me what you eat and i will tell you what you are. food is essential to on my bill. the way it comes from.