The UK bans Russian aviation and space exports

RIYADH: The war between Russia and Ukraine continues to affect countries, businesses and industries around the world with concerns over energy supplies and rising prices.

While solar and renewables stocks are gaining wider attention, supply war issues continue to emerge as a result of the war.

Countries such as Italy are taking initiatives to support certain industries in the sector such as electric vehicles, and firms such as KKR & Co are looking to expand into clean energy.

Looking at the bigger picture:

· Trade in solar and renewable stocks has increased as the US and UK move to Russian oil approval, Bloomberg reported.

This is due to soaring oil prices after the Russian invasion of Ukraine reached $ 100 a barrel.

· Italy will subsidize up to 6,000 euros ($ 6,570) in the price of new electric cars in support of the country’s car sector, Reuters reported.

The European country has pledged a total of 8.7 billion euros to 2030 to boost its automobile industry. Of the total budget, an average of 700 million is set aside for 2022 alone.

· The UK plans to increase oil and gas production in a bid to ban Russian imports by the end of 2022.

“We do not buy much of Russia’s oil and gas proportionately and we also produce our own products, so we will increase that amount too,” Transport Minister Grant Shapps told Sky News.

Three micro-lenses:

· German motor manufacturer Volkswagen has announced it will stop taking orders for a number of plug-in hybrid models starting from Wednesday due to the chip supply crunch that exacerbated military conflicts between Russia and Ukraine, Reuters reported.

Plug-in hybrid models include Golf, Tiguan, Passat, Arteon, and Touareg.

· The American global investment company KKR & Co. considering acquiring French independent renewable energy producer Albioma SA, Bloomberg reported.

This comes as the investment firm seeks to expand into renewable energy.