FirstFT: Hawkish EU states push for harsher sanctions against Russia

Good morning. Hawkish EU members pushing for harsher measures against 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 nations demanding the measures — which might additionally goal luxurious items and Russia’s IT, cyber safety and software program industries — embrace Poland and the Baltic states. The transfer got here in response to Vladimir Putin’s army escalation this week.

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

The European Fee’s aim is to push by 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 anticipated to be formally tabled after conferences between fee officers and member state representatives start in the present day.

• On the UN: Russia’s overseas 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 Instances spoke with people who had been called up to the Russian military, feared they quickly can be or had shut family dealing with conscription. “My son is meant to go to warfare in opposition to my nephew,” one mentioned.

Do you help extra hard-hitting measures in opposition to Russia? Why? Share your ideas at [email protected] and I’d function 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 progress The chancellor will try to revive Britain’s economic system in the present day with a 30-point growth package to show “the vicious cycle of stagnation right into a virtuous cycle of progress”. The mini-Funds will come a day after the Financial institution of England raised rates of interest by 0.5 percentage points, a extra average transfer than the US Federal Reserve.

2. IEA boss: Power crunch dangers shattering EU unity Fatih Birol, the Worldwide Power Company’s government director, mentioned he feared “a wild west scenario” if European nations 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 ability to intervene in derivatives markets to assist power firms after privately admitting that value volatility was not because of the “market malfunctioning”.

• And in the bathroom: A significant German bathroom paper maker has gone bust, whereas others are slicing 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 government Dennis Muilenburg agreed to pay millions of dollars to settle expenses from the US Securities and Trade Fee of deceptive buyers about two lethal crashes of its 737 Max plane.

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

5. Twelve die as Iran cracks down on protests Of the 12 people killed, a minimum of 5 had been members of the safety forces, officers mentioned, after the demise of 22-year-old Mahsa Amini in police custody triggered the most important anti-regime protests since 2019. Even staunch supporters of the regime are questioning the need 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 in the present day and runs by 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 information Composite buying managers’ indices of producing and companies in September are out for the eurozone, France, Germany, the UK and the US. August surveys pointed to a sharp slowdown in economic growth. The UK’s GfK shopper confidence survey can also be out, as are second-quarter gross home product figures for Spain. (FT, WSJ)

Labour occasion convention The UK opposition occasion begins its four-day annual conference on Sunday in Liverpool, the place anticipated matters embrace employees’ strikes, the price of dwelling disaster and the federal government’s mini-Funds.

Italy basic 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 part of our Tech & Politics Discussion board in partnership with ETNO to listen to business CEOs, policymakers and buyers in Brussels map future insurance policies and rulemaking in EU digital markets. Register here to join the conversation in person or online.

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