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Transcripts for BBCNEWS World Business Report 20220223 05:32:00

known as nord stream two. joining me now is a senior research fellow with the macarthur centre. how, in terms of the sanctions to them, how far have they gone with this first stage, in your view? thank you for having me. this isjust thank you for having me. this is just the first stage, right? russia moves one step and then the us and eu match that one step. if russia decides to go further, then the us and eu have announced they are prepared to go further as well. also if russia decides to move back, the us and eu are also prepared to move back. they haven t really, there are still a lot of other things i can do. although so far, when you are looking at sanctions on the russian central bank and the

Transcripts for BBCNEWS World Business Report 20220223 05:35:00

so it s not like you are cutting off a new supply. it has not even got up and running yet so in terms of timing you may argue that russia picked a bad time to use nord stream two as leverage because europe is not yet really relying on that. 0k, not yet really relying on that. ok, christine mcdaniel, from the macarthur centre, thank you very much. the prospect of conflict and sanctions has prompted a sharp rise in energy prices. the cost of brent crude rose to $99 a barrel, a jumbo 3%. wholesale gas prices is also up 6% in much of europe relies heavily on imports of gas from russia and the price of liquid natural gas is almost double where it was in late 2020. if russia limits or cuts of energy supplies to europe, many will need to find alternative resources quickly but global

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