War in Ukraine sparks Germany’s defence policy transformation
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 3 March 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
As the brutality of Moscow’s invasion intensifies, the idea of targeting oil and gas exports for sanctions is no longer off the table, and Federal Reserve chair Jay Powell confirmed to US lawmakers that he is backing a quarter point rate rise later this month despite the uncertainties caused by Russia’s invasion. Plus, the FT’s Frankfurt correspondent, Joe Miller, talks about the dramatic change in Germany’s foreign and defence policy as a result of Russia’s war on Ukraine, and how that’s changed the corporate landscape.
Mentioned in this podcast:
Should the west place an embargo on Russian oil and gas supplies?
Powell backs quarter-point rate rise in March despite Ukraine war effects
Germany’s defence industry transformed by Scholz’s €100bn response to Ukraine crisis
Twitter Space: How the war in Ukraine is impacting the global economy
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk. |
| 0:09.7 | Good morning from the Financial Times. Today is Thursday, March 3rd, |
| 0:13.2 | and this is your FT News Briefing. |
| 0:18.4 | Sanctions on Russian energy exports are now on the table, |
| 0:21.9 | and Federal Reserve Chair G. Powell says he's sticking with the plan for raising rates. |
| 0:26.6 | Plus, Russia's brutal attack on Ukraine has prompted Germany to transform its foreign |
| 0:31.2 | and defense policy. Our Frankfurt correspondent calls it nothing short of a revolution. |
| 0:36.1 | And it all happened in the space of a 30-minute or so, |
| 0:39.3 | a series of speeches in the Bundestag on Sunday morning. |
| 0:43.2 | He'll talk about what that means for Germany's defense industry. |
| 0:46.7 | I'm Mark Philippineau, and here's the news you need to start your day. |
| 0:50.4 | Oil prices shot above $113 a barrel on Wednesday. |
| 0:59.9 | Big energy buyers are now shunning Russian supplies, and OPEC met yesterday. |
| 1:04.7 | It refused the boost production over and above output increases that are already in the works. |
| 1:09.5 | The White House and Western allies have so far avoided official sanctions on Russian energy |
| 1:14.1 | exports. They're worried about hurting European economies. But yesterday, |
| 1:18.4 | US President Joe Biden said nothing is off the table, and US lawmakers are also eager to ban |
| 1:24.2 | Russian energy. Here's our Washington correspondent, Karen Stacey. |
| 1:28.5 | There is definitely momentum building, especially on Capitol Hill, to do something on this. |
| 1:34.5 | It's regarded as the last great untouched part of sanctions policy. |
| 1:41.2 | So we have a bill doing the rounds on Capitol Hill from the Democratic Senator Ed Markey. |
... |
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