A Kazakh oil terminal has to shut down under pressure from Russia – with consequences for the EU as well. A Chechen leader tells stories about moving to Germany. According to media reports, the Russian economy is preparing for a longer war. All voices and developments on the Ukraine war here in the ticker.
6.45 p.m .: According to Federal Minister of Economics Robert Habeck (Greens), the steep increase in energy prices means that the German economy has a triple risk of a loss of purchasing power, the threat of a credit crunch and weak investment. “The momentum that is now being created by speculation about fossil fuels alone threatens to slide into a recession,” said Habeck on Wednesday at an event organized by the Bavarian Business Association (vbw) in Munich. vbw President Wolfram Hatz called on Habeck to extend the life of the last three German nuclear power plants, which Habeck rejected.
All three scenarios are “not quite there yet,” said the Economics Minister. “But they threaten to hit the German economy deeply, regardless of whether Putin completely turns off the gas tap or not.” The good thing is that the federal government can give political answers to all three scenarios in order to maintain purchasing power, maintain the flow of credit and encourage investment.
Approximately 50 percent of society are “running towards a situation where they earn less than they spend,” said Habeck on the loss of purchasing power. There is a growing reluctance to invest in companies, and there is a growing reluctance among banks to grant loans. “In addition to a weak purchasing power, there is a scenario in which a capital or credit crunch threatens the economic strength of this country.”
5:57 p.m .: Ex-Russian President Dmitry Medvedev has warned of a nuclear war in connection with the investigations by the International Criminal Court (ICC) into possible war crimes in Ukraine. “The idea of punishing a country that possesses the largest nuclear arsenal is absurd in and of itself,” Medvedev wrote on Telegram on Wednesday. This may create “a threat to the existence of mankind”. He accused the US of wanting to take Russia to international courts, even though Washington had never been punished for its own wars.
Medvedev is currently Deputy Chairman of the National Security Council in Russia. From 2008 to 2012 he was Russian head of state, after which he took over the post of prime minister until 2020. Since the beginning of the Russian military operation in Ukraine, Medvedev has regularly attacked the West with sharp words. In early June he published an angry message against alleged enemies of Russia, whom he described as “depraved people”.
4.30 p.m .: Federal Minister of Economics Robert Habeck (Greens) rejects a state price cap in view of the expected further increase in gas prices. The high price increases are an “external shock” and cannot be fully absorbed by the state, Habeck said on Wednesday at the Munich Crafts Fair. “The country will have to bear that in one form or another.” Economic ministers also believe that a price cap would send the wrong signal: “Capping the prices of a scarce commodity would send a signal: energy is not valuable, find out what you want,” said Habeck.
“We are still facing enormous price increases,” said the Greens politician with a view to the coming winter. According to Habeck, the federal government wants to ensure that the burden of high gas prices is “fairly” distributed, but did not go into it Detail: Yasmin Fahimi, chairwoman of the DGB, spoke out in favor of capping gas prices.
In the first half of the year, gas consumption in Germany fell by 14 percent, said Habeck. Even if you subtract a little from this number because of the warm winter, consumption was almost ten percent lower. There is no market problem with the gas supply, since the high prices “sucked in” a lot of gas to Europe, said Habeck. “It’s a physical problem, the gas just has to get there. (…) Unlike Italy, we don’t have an LNG terminal.”
4:25 p.m .: In Ukraine, MP Oleksiy Kovalev is wanted for treason. The investigations have shown that the 33-year-old received the post of deputy chief of the occupation administration in the Russian-occupied Cherson region in July, the public prosecutor’s office said on Wednesday in the Telegram news service. He faces a life sentence if convicted. Kovalyov only survived an attack apparently organized by the Ukrainian secret service in June.
Kovalyov’s appointment was announced by the Russian occupation administration on Monday. Kovalyov was elected to the Supreme Rada in 2019 via a direct mandate in the Kherson region for the presidential party Servants of the People. In April, after returning to his home region, he was expelled from the party and parliamentary group on suspicion of cooperation with Moscow. After invading Ukraine at the end of February, Russia had conquered almost the entire Cherson region.
12.11 p.m .: The defense politician Johann Wadephul (CDU) is concerned about the advance of the Russian military in the Donbas. “It’s going to be difficult for Ukraine,” said Wadephul in RTL/ntv’s “early start” and went on to say: “The superiority of the Russians is great. The Ukrainians will not be able to do this alone.”
The defense expert is therefore also calling for more support from the federal government: “We must now become more active and not tire. We need to support Ukraine more.” Wadephul emphasizes that the previous arms deliveries from Germany, while important, were not sufficient. The CDU politician points out that above all Marder armored personnel carriers would be sufficiently available, which the Bundeswehr no longer needs and which could currently help Ukraine. “There is no explanation as to why they are not being delivered,” said Wadephul, adding: “We will not let the Chancellor get away with it.”
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