this is bbc news with the latest business headlines for viewers in the uk and around the world. the rising cost of cash. more pressure on consumers as interest rates are hiked around the world. fuelling conflict. the eu moves to ban all russian oil by the end of the year, but hungary threatens a veto. pumping out profit. shell s the latest energy giant to unveil a jump in earnings amid growing calls for a windfall tax . plus fast track to the top. we meet the 32 year old who s been handed the keys to a uk retail empire.
or is this it for russia? oil is a global or is this it for russia? (1) i. is a global commodity, so if europe manages to not, not getting oilfrom russia, then there is a global market, we rush is going to try to sell. now, there are some limits on russia, the russian oil export infrastructure is designed to move forward towards the west, it s pipeline infrastructure towards asia is almost fully utilised it means it will be incurring somewhat more significant transportation cost when it tries to move oil to other destinations. but without calibrating the assumptions with further measures, one can assume russia will be able to redirect huge proportion of global oil that does not end up in europe.
all reliant on russian oil have called for exemptions before they can approve it. one of them is hungary. here s their foreign minister. hungary could only agree to the sanctions hungary could only agree to the sanctions of crude oil transported by pipeline was exempt. in that case the security exempt. in that case the security of hungary energy suapty security of hungary energy supply would be upheld, as this is not supply would be upheld, as this is not the supply would be upheld, as this is not the case, the brussel sanction is not the case, the brussel sanction package will destroy the security of the hungarian energy the security of the hungarian energy supply. the package the security of the hungarian energy supply. the package in this form energy supply. the package in this form cannot be responsibly supported. adnan vatansever is author of the book oil in putin s russia and teaches at king s college london. is this going to happen? i think, this is indeed as you
made a huge loss in 2020, but that has recovered now, and more so in 2022. i that has recovered now, and more so in 2022. i remember that. more so in 2022. i remember that- shall more so in 2022. i remember that. shall is more so in 2022. i remember that. shall is very more so in 2022. i remember that. shall is very dependent| that. shall is very dependent on oil and gas shell is very dependent. has been a reluctance invest heavily to transition to greener and cleaner fuel. transition to greener and cleanerfuel. would bumper cleaner fuel. would bumper profits cleanerfuel. would bumper profits this year put them into a position where they have no choice, economically, socially, morally, from their shareholders, to start investing properly in renewables. a ., , ,, ., renewables. actually shell and bp who is renewables. actually shell and bp who is reported renewables. actually shell and bp who is reported this - renewables. actually shell and bp who is reported this week l b