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tv   Business - News  Deutsche Welle  May 4, 2022 4:45pm-5:00pm CEST

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on the vine, australian farmers feel the pain of chinese trade penalties. flow. welcome to the show. the european commission plans to impose an orderly in to its imports of russian oil as part of a 6th round of sanctions on russia. commission president or sullivan de line announcing wednesday, the e you would phase out deliveries of russian crude and oil products by the years. and it also wants to step up sanctions on the financial sector, disconnecting rushes. biggest bank, spare bank from the swift payment system. the proposed measures will need approval from all 27 member states hungry and slovakia have already said they'll seek exemptions. jago kierkegaard is a senior fellow with a german marshal fun. he joins me now from brussels. jak of thanks for coming on to the show. a big decision today announcing this phase then embargo, how significant is this? well, i think it's very clear that given the time frame, we have a 6 to 8 months, a phase in time. it's not going to be very significant in the short run. meaning is
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not going to have, you know, any sort of decisive battlefield impacts in the months ahead. but as we look to the medium and long run, it's going to be very significant because it basically is in my opinion, the permanent decoupling of e. u energy, certainly oil supplies from russia. and when you add to that be a sanctioning also the swift ing of the biggest russian bank spear bang. as well as the sanctions coming against european tanker carriers and insurance or businesses or services for the trunk. the global transportation of russian crude oil, you know, you're going to have a, you know, towards the end of the year as significant impediment on, on russian, a global oil export. how enforceable is this kind of import ban
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we've seen. that's why, for example, with iran, when it comes to an important export ban, it's been hard to enforce. what about ensuring this oil doesn't somehow make it into the e u through other channels for 3rd parties and such? i mean there's, obviously there's going to be leakage. you're going to have, you know, to tankers meeting somewhere in the atlantic ocean and you, having russian oil pumped into a ship, half filled with, you know, oil from libby, our, our, or a saudi arabia. you can have that, but i certainly, and all the oil that's being shipped to the e u by a pipeline that's very easy to control. and i think it's also clear that the, the companies that docking facilities, et cetera, that actually work to or, or in which shipments a word to be off loaded. if there was a risk or missing him, you know, suspicion that they were from russia. i think you would see that there will be
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significant reputational risks associated with that. so i do think that you will find the li, catch of these are this embargo to be more limited than certainly we have seen on the us sanctions on iran. all right, jak of kevin carter, the german marshall fun. thank you very much. my pleasure. europe and russia are also sparring over gas imports. moscow continues to demand that european companies pay in roubles instead of the euros and dollars called for in contracts. it's cut off to countries, bulgaria, and poland for refusing to make rouble payments. neighboring countries are now coming to their aid. he toby's jack park, visited the bulgarian capital of sophia and sent us this report. moshef will tell you they prefer to cook on gas, but here in bulgaria, russia has cut off gas deliveries and local businesses like to leave a garden bistro in sophia, a worried visit a couple of of a day. this will be
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a huge problem for us. if we can't keep raising the prices for our customers forever and we don't think we'll do that, nobody knows what will happen in the future. the problem is the uncertainty coming from this war, when they say here, that the price of a bottle of gas has doubled to waiver, $18.00 euros in the last year already. russia rejected bo gary's dollar payment for gas at the end of april. and moscow has also halted deliveries of gas to poland. here at the 80 man gas station they're compressing gas to be able to send it long distances internationally to him from greece and north macedonia. and indeed on to sophia, which is about 50 kilometers away from where i'm standing. now, while russia has turned off the gas tops to bulgaria, this is an important transit country. and there's still russian gas flowing through these pipes. bulgarian energy minister told
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d w. they're turning to countries like as the by john turkey and greece to make up the shortfall. but they won't stop the transit of russian gas to countries that are paying moscow in roubles. suddenly, sir bill, it's also hungary. and if, if we, if we take that action, what can be the difference between bulgaria and bull garza and compared to gas pump export as rush. i don't believe that there's something more valuable than now being a long term loyal and then a bowl and reliable partner until now. bo gary relied on russia for over 90 percent of its gas. sophia says it's looking into importing liquefied natural gas arriving on ships rather than through pipelines. the national consumer organization is calling for the government to support citizens. the prices are regulated. we are protected that the moment that there is no living politician who can, you know,
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raise the prices that there are many, ah, ways to subsidize those prices and this way, ah, keep, protect the household. while the conflict rage is on russia's war is also threatening livelihoods here, even at small businesses like the leave a restaurant. let's take a look now at some of the other global business stories making headlines. a new 500 kilometer long pipeline bringing gas from lithuania to poland has started just days after rushes gas prom stopped delivering gas in the country. the pipeline under construction since 2020 is expected to supply about 10 percent of poland, gas demand, strong sales of coven 19 vaccines, and treatment helped pfizer. jose 61 percent jump in 1st quarter profits. us drug maker brought in more than $13000000000.00 in sales at almost $8000000000.00 in their profits. but the company lowered its full year earnings forecast or
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tens of thousands of tons of australian wine grapes are being left to rot. as a chinese boy carnival strain, wine causes demand to dry up exports. the china dropped from nearly 900000000 u. s. dollars in 2020 to just 20000000 last year. that's forcing australia wine makers to seek out new markets. it's autumn and the grapes are ripe and ready to be picked. this year has delivered a bumper crop. normally a reason to celebrate. but russell lynch, who grows grapes in the mil, juror region of southeastern australia, is facing the stark reality of leaving a 130 tons of his shiraz grapes on the ground. to rot. china's embargo on australian wine means that grape growers and wine makers all over the country are facing a massive over supply negotiations for robin for contractors. apparently it was going to be a i've supply for gripes. unfortunately, i didn't have a contract for this property. he 2 years ago lynch was paid $700.00 estrella and
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dollars a tonne for his crop last year it was $400.00. now the total value for the harvest in this vineyard is 0 due to the tried to spit, and the position of the punitive terrace on this trying one. so that means that $1200000000.00 market is now closed. torque is, is, could be 15, hasn't tons left on the volunteer share in, in this region, which is not good. and it's certainly a lot of bulk warner ran as well. means latest warning, storage really has about a high stage murphy and other wine makers who'd come to regard chinese wine drinkers as something of a cash cow. now looking to diversify their markets over the sri lankan, now when the country band, chemical fertilizers, a year and a half ago, the government said it was part of an effort to make the country a global leader in the production of organic food. or the real reason appears to be saving money. fertilizers have become increasingly expensive, especially for a country on the brink of default. and yet farmers are now paying and even higher
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price because of the rules with their lives up into m. gina. sienna has been a rice farmer for all of his adult life. working the rice paddies has always been hard, but it provided stability for his family. no more. after sri lanka, band, chemical fertilizers, crop yields have dropped steeply as a warrior de lumpy booth. and again, we used chemical fertilizer and we were able to get a yield of about 3000 kilograms of rice per acre. lot in the but since we switched to organic farming lot him, we have received only half than yield is 1500 kilograms or less. alan mer above the even worse. no one is surprised by the disastrous drop. the government's moved to organic fertilizers had been controversial from the start. after that than what i thought about going up. even experts rejected italy. these experts,
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including professors advised against full dependency on organic fertilizer to go to the farmers also clearly expressed a disapproval earlier. but despite the opposition out of another government went ahead and imposed strict rules and forced it on us. you end in the end of it failed little league. you had been a very will you even the government admits that it has reversed course and with a 700000000 dollar loan from the world bank is trying to get rice farmers. they help they need. but it's too late. the country has soured on its leaders. president caught up by our at our pac sir. and his brother, prime minister, my hinder lach, a pack, so the families ancestral home. once a popular destination lies deserted. then they have a galaxy living in the lane. we are deeply disappointed that we have no faith left as the books are offering by hinder, archer parks, as presidency. we were happy to vote for him because he ended the civil war and we
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trusted him to live there, but it has turned into disappointment after this current president. my dear, one of did not have one of them, but is that it will of them. i did let it as they are within will on thought that will down on for many. however, political change is as secondary goal, more important, secure a meal for the family, with prices sharply rising. for even the most basic staples. here's a reminder of the top business story we're following for you. the european commission has introduced a framework for a 6th round of sanctions on russia commission president or sullivan july and said that you would been all russian oil, an oil products, facing it out by the end of the year. and it would step up sanctions on the financial sector, disconnect disconnecting rushes, biggest bank, spare bog. from the swift payment messaging system. you can find out more about these and other business stories online, g, w dot com slash business. we're also on youtube under the d. w. news channel. i'm
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seniors in berlin. thanks for watching. ah ah ah, with
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ah ah, this is the w news live from berlin. the european commission pushes the ban on russian oil. commission. president was a fund alliance says the you should phase are the imports by the end of this year. of critic saith that's not fast. it also coming up, rush us to strikes ukraine in the west and the east bombs destroyed power stations in the city of louise and russian forces continue their assault on the.


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