German Foreign Minister Annalena Baerbock responds to the reduced gas flow from Russia and the coordinated effort by the EU members to ward off the crisis.

Key quotes

"We will not be divided because gas is scarce, instead we stand together, and that is the most important signal to the Russian president."

“Nuclear power is not an answer to the question of gas security in Germany.”

Market reaction

At the time of writing, EUR/USD is losing 0.39% on the day to trade at 1.1078. Recession fears dominate the European markets amid the worsening gas crisis in the old continent.