Chevron Corp. is preparing to take operating control of its joint ventures in Venezuela if Washington relaxes sanctions on Caracas to boost crude supplies after banning Russia's oil imports, according to three people familiar with the situation.

German refineries have started reducing imports of Russian crude and oil products, a domestic industry group said on Monday, adding that the adjustment would not threaten domestic supply.

European stocks rose on Monday, clinging to hopes of diplomatic efforts by Ukraine and Russia to end weeks-long conflict, while shares in Volkswagen surged after the German carmaker doubled its operating profit.

U.S. carmaker Ford on Monday unveiled plans for seven new electric models in Europe, a battery-assembly site in Germany and a nickel cell manufacturing joint venture in Turkey as part of a major electric vehicle (EV) push on the continent.

(Reuters) -A law allowing Russian airlines to register inside Russia planes leased from abroad came into force on Monday, creating a new obstacle for leasing firms and lenders seeking to repossess more than 500 jets before sanctions kick in.

The German insurer and asset manager Allianz said on Monday that it had put a stop to insuring new business in Russia and was no longer investing in the nation for its own portfolio.