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China continues intense military drills, designed to test Taiwan defenses and enforce sovereignty claims. Germany turns back to coal to replace Russian gas for electricity grid. The Bank of England raised interest rates by the most in 27 years to battle inflation. Analysis: Ukraine War Update: Europe Prepares for Energy Austerity.

Condition Updates

A rundown of important global risk developments in markets, in business, and region by region.

Analysis: Ukraine War Update: Europe Prepares for Energy Austerity

European energy security is now a household imperative, with the refrain “turn off the lights” echoing across the continent as Europeans get serious about energy conservation. The European Union (EU) has agreed to a plan to reduce gas usage by 15 percent as a short-term measure, while alternatives are developed for mid- to long-term diversification. Businesses will face higher compliance burdens, with mandatory conservation measures differing across the EU, and even within member states as local jurisdictions set their own policies.

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