Inflation pressures hit consumer confidence; Moscow stock market falls back – as it happened
Rolling coverage of the latest economic and financial news
- Moscow stocks fall 3.66% as Thursday's rally reverses
- Rolls-Royce shares finish 19% higher
- US consumer sentiment at 11-year low
- German business confidence slumps over Ukraine worries
- US-EC deal to cut Russian gas dependency
- UK consumer confidence falls as wall of worry' grows
- UK retail sales down 0.3% in February as online shopping drops
- Rishi Sunak tackled over failure to help poorest families
The United States and European Commission have agreed a new partnership to cut Europe's reliance on Russian energy.
Under the plan, the US and partners will strive" to deliver at least 15 billion cubic metres (bcm) of liquefied natural gas (LNG) to Europe this year, the White House says.
It will work to ensure energy security for Ukraine and the EU in preparation for next winter and the following one while supporting the EU's goal to end its dependence on Russian fossil fuels.
We aim to reduce this dependency on Russian fossil fuels and get rid of it. This can only be achieved through... additional gas supplies, including LNG deliveries.
We as Europeans want to diversify away from Russia towards suppliers that we trust, that are our friends, that are reliable.
...on the understanding that the price formula of LNG supplies to the EU should reflect long-term market fundamentals, and stability of the cooperation of the demand and supply side, and that this growth be consistent with our shared net zero goals.
In particular, price formula should include consideration of Henry Hub Natural Gas Spot Price and other stabilising factors.
Immediate reductions in gas demand can be achieved through energy efficiency solutions such as ramping up demand response devices, including smart thermostats, and deployment of heat pumps.
...restrictions on purchasing and selling gold in Russia may make it challenging to find an alternative purchaser for the Group's gold output.
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