FirstFT: Hawkish EU states push for harsher sanctions towards Russia

Good morning. Hawkish EU members pushing for harsher measures towards Russia, together with ejecting extra banks from the Swift messaging community and banning diamond imports, because the bloc drafts a spherical of sanctions over the Ukraine warfare.

The international locations demanding the measures — which might additionally goal luxurious items and Russia’s IT, cyber safety and software program industries — embody Poland and the Baltic states. The transfer got here in response to Vladimir Putin’s army escalation this week.

However officers mentioned it will be troublesome to search out consensus among the many 27 member states. Hungary has mentioned it doesn’t need new sanctions.

The European Fee’s objective is to push by means of a hard-fought G7 settlement to cap the worth of Russian oil following months of US-led negotiations.

A possible new spherical of sanctions, which might be the eighth, is predicted to be formally tabled after conferences between fee officers and member state representatives start right now.

• On the UN: Russia’s international minister Sergei Lavrov defended Moscow’s invasion yesterday as he traded barbs with western powers on the UN Safety Council.

• And on Russian streets: The Monetary Occasions spoke with individuals who had been referred to as up to the Russian military, feared they quickly can be or had shut relations going through conscription. “My son is meant to go to warfare towards my nephew,” one mentioned.

Do you help extra hard-hitting measures towards Russia? Why? Share your ideas at [email protected] and I would characteristic them in an upcoming version of the e-newsletter. Thanks for studying FirstFT Europe/Africa — Jennifer

5 extra tales within the information

1. Kwasi Kwarteng’s plan to kick-start UK financial development The chancellor will try to revive Britain’s economic system right now with a 30-point development package deal to show “the vicious cycle of stagnation right into a virtuous cycle of development”. The mini-Finances will come a day after the Financial institution of England raised rates of interest by 0.5 share factors, a extra reasonable transfer than the US Federal Reserve.

2. IEA boss: Vitality crunch dangers shattering EU unity Fatih Birol, the Worldwide Vitality Company’s govt director, mentioned he feared “a wild west situation” if European international locations restricted their very own commerce or stopped collaborating with neighbours over fears of gasoline shortages this winter.

• In derivatives markets: European authorities have performed down their means to intervene in derivatives markets to assist power firms after privately admitting that value volatility was not as a result of “market malfunctioning”.

• And in the bathroom: A serious German rest room paper maker has gone bust, whereas others are chopping manufacturing, elevating costs or switching to different power sources.

3. Boeing to pay $200mn penalty over 737 Max The aerospace producer and its former chief govt Dennis Muilenburg agreed to pay hundreds of thousands of {dollars} to settle prices from the US Securities and Change Fee of deceptive traders about two lethal crashes of its 737 Max plane.

4. Considerations over UK plans to evaluate ‘retained’ EU regulation Prime Minister Liz Truss’s drive to “revoke or reform” all EU legal guidelines nonetheless in impact within the UK after Brexit dangers a possible bonfire of employees’ rights and environmental regulation, labour unions and the Scottish authorities have warned.

5. Twelve die as Iran cracks down on protests Of the 12 individuals killed, at the least 5 have been members of the safety forces, officers mentioned, after the loss of life of 22-year-old Mahsa Amini in police custody triggered the largest anti-regime protests since 2019. Even staunch supporters of the regime are questioning the necessity to implement Islamic gown code.

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The times forward

Russian-occupied Ukraine referendums Voting in what Nato has decried as “sham referendums” on whether or not to hitch Russia begins right now and runs by means of Tuesday within the Donetsk and Luhansk Folks’s Republics — dominated by Moscow-backed separatists since 2014 — in addition to Kherson and elements of Zaporizhzhia province.

Financial knowledge Composite buying managers’ indices of producing and providers in September are out for the eurozone, France, Germany, the UK and the US. August surveys pointed to a pointy slowdown in financial development. The UK’s GfK shopper confidence survey can also be out, as are second-quarter gross home product figures for Spain. (FT, WSJ)

Labour celebration convention The UK opposition celebration begins its four-day annual convention on Sunday in Liverpool, the place anticipated subjects embody employees’ strikes, the price of residing disaster and the federal government’s mini-Finances.

Italy normal election Voters head to the polls on Sunday after one of many shortest campaigns within the nation’s historical past, arising from prime minister Mario Draghi’s resignation. Italians are anticipated to ship a decisive mandate to a rightwing coalition whose rivals have didn’t forge a united opposition.

On Monday, be a part of our Tech & Politics Discussion board in partnership with ETNO to listen to trade CEOs, policymakers and traders in Brussels map future insurance policies and rulemaking in EU digital markets. Register right here to hitch the dialog in particular person or on-line.

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