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BREAKING
Information Minister in Pakistani-administered Kashmir: Five civilians killed and at least 29 others injured in shelling across the border with India
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: So he [Trump] decided to cut off contact. That might still change, but that’s the situation right now
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: Trump’s circle told him [Dermer] that Netanyahu was manipulating him, and there’s nothing Trump hates more than being portrayed as someone being played
Senior Palestinian official to Al Mayadeen: Meetings between the Israelis, Egyptians, and Qataris are all centered around the Israeli proposal, which does not guarantee an end to the war [on Gaza]
Senior Palestinian official to Al Mayadeen: “Israel” is threatening to expand the ground offensive if Hamas rejects the proposal
Senior Palestinian official to Al Mayadeen: Hamas rejects the Israeli proposal, viewing it as failing to guarantee an end to the war
Senior Palestinian official to Al Mayadeen: “Israel” is sticking to its proposal, and insists there is no alternative offer on the table for negotiation
Senior Palestinian official to Al Mayadeen: The meetings between the Israelis and the Egyptians and Qataris all revolve around the Israeli proposal
The administration was clearly looking for an off-ramp for this campaign against Ansar Allah, NBC News reports, citing US official
Trump's operation against Ansar Allah cost more than $1 billion, NBC News reports, citing US official

German banks prepare for energy-related defaults: Bloomberg

  • By Al Mayadeen English
  • Source: Agencies
  • 5 Jul 2022 13:33
  • 1 Shares
2 Min Read

According to reports, the country's lenders are stockpiling cash to support businesses if Russia cuts off gas supplies.

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  • Bloomberg: German banks prepare for energy-related defaults.
    Bloomberg: German banks prepare for energy-related defaults.

Banks in Germany are expected to set aside additional funds to deal with a potential surge in defaults if Russia cuts off natural gas supplies, according to several high-ranking banking officials quoted by Bloomberg.

According to BNP Paribas Germany head Lutz Diederichs, as quoted by the media, if Russian gas supplies are completely cut off, Europe's largest economy is expected to enter a recession, and lenders will be required to bolster corporate loans with additional capital.

He echoed comments made by Commerzbank Chief Financial Officer Bettina Orlopp in an interview with the weekly Focus Money published over the weekend.

Senior financial executives are reportedly concerned about planned maintenance at the Nord Stream pipeline, which connects Germany and Russia, as several EU officials have questioned the possibility of resuming supplies.

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According to the operator, both pipeline strings will be shut down for annual maintenance from July 11 to July 21, with the shutdown previously agreed upon with all partners.

German lenders' precautionary measures in the face of potential economic consequences from Russia and the West's current sanctions campaign have thus far been less than the large reserves they hoarded during the Covid-19 pandemic.

Germany is heavily reliant on Russian energy imports, and the country's economy would suffer if it lost access to the supply.

According to reports, Deutsche Bank CEO Christian Sewing has stated that such an occurrence would result in a "deep recession."

It seems that some of the countries pushing for sanctions on #Russia are the biggest importers of Russian fossil fuel.

Here are the top importers of #Russian fossil fuel and countries that cut their reliance on Russia.#Ukraine #NATO #EuropeanUnion pic.twitter.com/2IBFd13s6A

— Al Mayadeen English (@MayadeenEnglish) July 3, 2022

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Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

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Throughout Operation Prosperity Guardian, current and former US military and intelligence officials expressed disquiet at the enormous “cost offset” involved in battling Ansar Allah. (Al Mayadeen English; Illustrated by Zeinab El-Hajj)

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