EU leaders wrangle with issue of oil and gas imports from Russia at summit

Poland and Baltic states seek embargo, while other countries including Germany and Belgium want gradual measures

European Union leaders have laid bare their differences over whether to stop buying oil and gas from Russia, following a show of transatlantic unity in a series of summits with Joe Biden and an impassioned appeal by the Ukrainian president, Volodymyr Zelenskiy, for more military aid to defend his country.

In the third summit on a hectic day of diplomacy that began with an emergency meeting of Nato leaders, followed by the G7, EU leaders met the US president to discuss Russia’s war against Ukraine.

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Johnson announces aim for UK to get 25% of electricity from nuclear power

PM meets industry bosses to discuss new power stations, with several reactors slated for closure as energy demand rises

Boris Johnson has told nuclear industry bosses that the government wants the UK to get 25% of its electricity from nuclear power, in a move that would signal a significant shift in the country’s energy mix.

Johnson on Monday met executives from major nuclear utilities and technology companies including the UK’s Rolls-Royce, France’s EDF, and the US’s Westinghouse and Bechtel to discuss ways of helping to speed up the development of new nuclear power stations.

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PM to chair roundtable on boosting UK’s nuclear power output

Meeting comes as Boris Johnson prepares to publish his energy security strategy amid soaring prices and Ukraine war

Boris Johnson will chair a meeting on how to increase the UK’s nuclear power output on Monday, as he prepares to publish his energy security strategy this month amid soaring prices.

The prime minister will discuss domestic nuclear projects with leaders from the nuclear industry at a roundtable meeting at Downing Street, No 10 said.

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After Ukraine, how will the world replace Russia’s oil products?

A report from the International Energy Agency makes clear that viable alternatives are limited

As Boris Johnson flew to the Gulf this week to ask for more oil to replace supplies from Russia, he was accused by the Labour leader, Keir Starmer, of “going cap in hand from dictator to dictator”.

At the same time, a report produced by the International Energy Agency (IEA) underlined just how limited the options are for any economy seeking to replace Russian crude and other oil products.

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Car-free Sundays? IEA sets out 10-point plan to reduce global oil demand

Energy watchdog says measures could help cut oil usage by 2.7m barrels a day within four months

Driving more slowly, turning down the air-conditioning, car free Sundays and working from home should be adopted as emergency measures to reduce the global demand for oil, according to a 10-point plan from the International Energy Agency (IEA).

Such measures and changes to consumer behaviour would allow the world to cut its oil usage by 2.7m barrels per day (bpd) within four months – equivalent to more than half of Russia’s exports – the global energy watchdog said.

Reduce speed limits on highways by at least 10 km/h
Saves about 290,000 bpd of oil use from cars, and an additional 140,000 bpd if trucks also reduced their speed.

“A reduction in speed limits can be implemented by national governments; many countries did so during the 1973 oil crisis, including the United States and several European countries,” the IEA said.

Work from home up to three days a week where possible
One day a week saves about 170,000 bpd; three days saves about 500,000.

Pre-pandemic, the use of private vehicles to commute was responsible for about 2.7m barrels of oil use a day, the IEA said, yet about one-third of those jobs could be done from home.

Car-free Sundays in cities
Every Sunday saves about 380,000 bpd; one Sunday a month saves 95,000.

Switzerland, the Netherlands and West Germany did this during the 1973 oil crisis and some cities have used the measure to promote public health more recently. Benefits include cleaner air, reduced noise pollution and improved road safety, the IEA report said.

Make public transport cheaper and incentivise walking and cycling
Saves about 330,000 bpd.

New Zealand is halving public transport fares for the next three months in response to high fuel prices, while studies in the US have shown cheaper fares lead to greater use. Some governments have incentivised people to walk or subsidised bike purchases. All of this would require government subsidy.

Alternate private car access to roads in large cities (eg every other day)
Saves about 210,000 bpd.

For example, cars whose number plate ends with an odd number can drive on Monday and those with an even number can drive on Tuesdays. Such schemes have been deployed to tackle congestion and air pollution peaks in Athens, Madrid, Paris, Milan and Mexico City. Exceptions could be made for electric vehicles. One downside is that households with multiple cars could game the rules.

Increase car sharing and adopt practices to reduce fuel use
Saves about 470,000 bpd.

Carpooling has long been used as a way to save money and reduce emissions. Governments can incentivise this with dedicated traffic lanes and parking spaces, or by reducing road tolls on higher occupancy vehicles. Many smartphone apps exist to arrange ride-shares.

Promote efficient driving for freight trucks and delivery of goods
Saves about 320,000 bpd.

As with private cars, freight trucks can be driven more efficiently, including the use of so-called “eco-driving” techniques such as reducing excess weight and not slowing down or speeding up abruptly. Loads should also be optimised to avoid journeys with empty vehicles.

Using high-speed and night trains instead of planes
Saves about 40,000 bpd.

Based on existing high-speed rail infrastructure, about 2% of flights in advanced economies could be shifted to trains, according to the IEA. Almost all of this involves flights of less than 800km.

Avoid business air travel where alternative options exist
Saves about 260,000 bpd.

The IEA recommends virtual meetings where possible and points out that firms such as HSBC, Zurich Insurance and S&P Global plan to cut their business travel emissions by as much as 70%.

Reinforce the adoption of electric and more efficient vehicles
Saves about 100,000 bpd.

By the end of last year, 8.4m electrical vehicles (EVs) were on the road in advanced economies but the IEA urged faster adoption. “Actions taken now to hasten the adoption of electric vehicles will have a sustained effect in the future,” it said.

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Philippines considers four-day working week to combat rising costs

Economist calls for compressed working hours with 10-hour days in response to higher fuel prices

The Philippines is considering a four-day working week to conserve energy, as the cost of fuel continues to rise globally, driven by Russia’s invasion of Ukraine.

Officials are searching for ways to soften the impact of dramatic price increases, which have prompted calls for a rise in the minimum wage and greater assistance for drivers.

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Church of England to reconsider shares in TotalEnergies over Ukraine inaction

Pension board and investment fund managers urge French energy company to cut ties with Russia

The Church of England is pressuring the French energy giant TotalEnergies over its decision not to cut ties with Russia after Vladimir Putin’s invasion of Ukraine.

The Church’s pensions board and the manager of its investment fund said they would reconsider their shareholding in the company.

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Wagamama owner and Fever-Tree warn of cost increases as energy prices soar

The Restaurant Group mindful of impact of Russia-Ukraine war, while drinks maker lowers profit guidance

The drinks maker Fever-Tree and the owner of the Wagamama and Frankie & Benny’s restaurant chains have warned of dramatic cost increases as the price of commodities and gas and electricity soars and the war in Ukraine adds pressure to their businesses.

Fever-Tree has lowered its profit guidance, blaming a “dramatic increase” in commodity prices after Russia’s invasion of Ukraine. The company, which had forecast adjusted profits of £69m to £72m this year, has downgraded its outlook to between £63m and £69m.

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Oil price falls below $100 amid Russia-Ukraine ceasefire talks

Drop in price comes as Covid-19 infections rise in China, which could hit demand for energy supplies

Global oil prices have fallen back below $100 (£77) a barrel amid ceasefire talks between Russia and Ukraine and concerns over the rapid growth in Covid infections in China.

The price of a barrel of oil slid to $99 on energy markets on Tuesday, before rising back to just above $100 in early afternoon trading. It comes amid a decline from a 14-year high of close to $130 reached earlier this month after Vladimir Putin ordered troops into Ukraine.

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Boris Johnson plans Saudi Arabia visit to seek oil supply increase

MPs voice deep concerns over trip after mass execution by regime and its continuing role in Yemen war

Boris Johnson is facing scrutiny over a planned trip to Saudi Arabia to push for an increase in oil output amid an outcry over the regime’s biggest ever mass execution and growing fears the prime minister may try to limit media scrutiny of the visit.

Downing Street would not confirm Johnson’s likely trip to Riyadh, but sources have said he wants to appeal to the Gulf state to increase its oil output to replace supplies from Russia.

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White House faces oil standoff with Saudi Arabia and UAE as prices soar

Analysis: Disputes with Biden administration mean Riyadh and Abu Dhabi are likely to drive hard bargain

Joe Biden’s hardline stance on Russia has won him widespread plaudits, but with the most serious oil shock in decades now a reality, the US president’s attempt to cushion the blowback continues to meet resistance from the two allies he needs most.

Saudi Arabia’s de facto leader, Mohammed bin Salman, and his counterpart in the United Arab Emirates, Mohammed bin Zayed, are yet to agree to a phone call with the west’s most powerful man – a scenario all but unthinkable during previous administrations.

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Stranding of three whales in Corfu raises alarm over seismic testing for fossil fuels

While cause remains unconfirmed, green groups fear the three whales could be the ‘tip of iceberg’ with many more animals hurt

Environmental groups have linked the beaching of three whales in Corfu to seismic testing for oil and gas in the waters off the Greek island.

Two Cuvier’s beaked whales were found stranded at Arillas and Agios Gordios beaches on the west of the island on 20 February. A third beaked whale ran ashore on Agios Gordios beach the day after.

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UK to phase out Russian oil imports by 2023 and explore ending gas imports

Analysts warn of a difficult and expensive transition that could push Britain into recession

Britain and the US together moved to ban Russian oil on Tuesday in the biggest financial crackdown on Moscow since its invasion of Ukraine two weeks ago.

In a move likely to hit the Kremlin’s coffers hard, as well as further raise petrol prices and feed inflation in the west, Boris Johnson said stopping imports of Russian oil by the end of 2022 was “another economic blow to the Putin regime”.

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Energy crisis: UK could learn from Fukushima response, MPs told

Japanese measures including turning down the heating and slower trains could ease pressure on British households, say experts

Britain could learn from Japan’s response to the Fukushima nuclear plant disaster by reducing energy consumption to deal with soaring global gas prices after the Russian invasion of Ukraine, academics have said.

Suggesting a coordinated response to record gas prices could help ease the pressure on households, experts told MPs on the Commons business committee that steps to reduce national demand for gas-fired power next winter could be deployed.

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Foreigners travelling to Ukraine to fight invasion will be given citizenship – as it happened

This blog is now closed. Follow our live coverage of the Russian invasion here.

Stoock markets have been struggling again today with no sign of any let up in the adverse economic impact of the war.

Brent crude is on the rise again – up 2.48% to $126.26 – after see-sawing violently yesterday when it touched almost $140.

Griffiths urged all sides to ensure that civilians, homes and infrastructure in Ukraine were safeguarded.

“This includes allowing safe passage for civilians to leave areas of active hostilities on a voluntary basis, in the direction they choose,” he said, after Ukraine rejected an earlier deal that would only allow its civilians to evacuate into Russia or Belarus.

The meeting came as Ukraine and Russia seek an agreement on creating “humanitarian corridors” out of pummelled cities, as the civilian toll from the Russian assault mounts.

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Russia threatens Europe’s gas supplies as west mulls oil import ban over Ukraine invasion

Deputy prime minister raises prospect of closing Nord Stream 1 gas pipeline to Germany, and says rejecting Russian oil would be ‘catastrophic’ for world

Moscow has stoked fears of an energy war by threatening to close a major gas pipeline to Germany after the US pushed its European allies to consider banning Russian oil imports over its invasion of Ukraine.

In an address on Russian state television, Russian deputy prime minister Alexander Novak said: “A rejection of Russian oil would lead to catastrophic consequences for the global market”, and claimed the price of oil could rise to more than US$300 a barrel.

Ukrainian intelligence claimed that a Russian general has died in fighting around Kharkiv, the second such officer killed in a week. It broadcast what it said was a conversation between Russian FSB officers discussing the death of Maj Gen Vitaly Gerasimov, and complaining that their secure communications no longer functioned inside Ukraine.

Ukraine’s president, Volodymyr Zelenskiy, rallied the nation in a fresh late-night video address, saying that “heroic” resistance was making the war “like a nightmare” for Russia. Taking viewers on a tour of his quarters in Kyiv, he promised to stay in the capital until the war was won.

Several children were killed by Russian bombing in Sumy, according to the region’s military administration chief.

The humanitarian crisis continued to deepen, with 1.7 million Ukrainians thought to have fled the fighting, with the potential for the total to reach 5 million, the EU said. The UN human rights office has reported 406 confirmed civilian deaths but said the number was a vast undercount.

Zelenskiy is to address UK MPs on Tuesday via video link and is expected to plead for more arms and a no-fly zone over Ukraine to be enforced by Nato.

Dmytro Kuleba, Ukraine’s foreign minister, claimed the prospects of the country joining the EU had greatly increased, according to Ukraine’s Unian website. The distance to EU membership had been as far away as the moon last week, but was now only from Kyiv to the city of Vinnitsa – a distance of just 262km or 162 miles, he said.

Fresh talks between Ukraine and Russia are expected, after a third round ended without agreement on the evacuation of civilians via humanitarian corridors, although a Ukrainian negotiator said small progress had been made. The French president, Emmanuel Macron, accused Vladimir Putin of “moral and political cynicism” and hypocrisy for making promises to protect civilians so they could flee only to Russia.

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Europe must be more independent and shore up its defence, says Macron

In TV address French president warns tough economic times are ahead following Ukraine invasion

Emmanuel Macron has warned that Europe must become more independent for its own defence and to ensure energy supplies after Russia’s invasion of Ukraine.

The French president said the conflict had “changed the era” across the continent and that he would be calling a summit of European leaders next week to discuss how to address the “unprecedented challenge” it created.

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London Stock Exchange suspends trading in 27 firms with strong links to Russia

Energy and banking giants Gazprom and Sberbank plus EN+, Lukoil and Polyus among firms

The London Stock Exchange has suspended trading in 27 companies with strong links to Russia, including energy and banking giants Gazprom and Sberbank.

The LSE said it was moving to block trading in the companies, which also include EN+, Lukoil and Polyus, with immediate effect “in light of market conditions, and in order to maintain orderly markets”.

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If you want to hit Russian economy hard, aim for energy export

Sanctions debate rapidly heading towards energy sanctions in Ukraine-Russia crisis

At the start of Russia’s invasion of Ukraine a week ago, almost every analyst agreed that Russian oil and gas would keep flowing westwards. The state of mutual energy dependence seemed too entrenched. On one side, the EU could not decouple itself easily from the source of 38% of its natural gas imports. On the other, Russia under financial sanctions would need cash. Old hands reflected that, even in the long decades of the cold war, the Soviet Union and Europe maintained commercial relationships in energy.

A week later, such thinking looks naive. The “shock and awe” financial sanctions, especially those aimed at Russia’s central bank, exceed anything previously seen, but the shortcoming is obvious: if you really want to hit the Russian economy hard, the place to aim is its energy export sector, a part that has been spared sanctions so far and generates hundreds of millions of dollars daily. The point is made repeatedly by Ukrainian officials in their appeals for the trade to cease, and its moral force is hammered home with every fresh Russian atrocity.

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Shell to exit joint ventures with Gazprom and pull out of Nord Stream 2

Decisive move to end tie-up with Russian state gas firm follows BP pledge to sell its 20% Rosneft stake

Shell is to exit its joint ventures with Russian state energy firm Gazprom, a day after BP said it would offload its 20% stake in Kremlin-owned oil firm Rosneft, as British businesses scrambled to distance themselves from Vladimir Putin.

The oil company said it would “exit its joint ventures with Gazprom and related entities”, which are worth about $3bn.

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