A spokesperson for the German government told reports on Monday that they have ruled out the approval of the shelved Nord Stream 2 gas pipeline, as reported by Reuters.

"We face difficult months ahead," the spokesperson added. "But it is clear that we stand firmly on the side of Ukraine and we stand behind the sanctions that we agreed together with the European Union and the international community."

Market reaction

These comments don't seem to be having a noticeable impact on risk perception. As of writing, Germany's DAX 30 Index was up 0.6% on a daily basis at 13,654.