Saudi Arabia and UAE leaders ‘decline calls with Biden’ amid fears of oil price spike

The Gulf nations have capacity to pump more oil to ease supply fears but relations with the US have chilled under Biden

The de-facto leaders of Saudi Arabia and the United Arab Emirates have declined to arrange calls with US president Joe Biden in recent weeks as the US and it allies have sought to contain a surge in energy prices caused by Russia’s invasion of Ukraine.

According to the Wall Street Journal, citing Middle East and US officials, both Saudi Crown Prince Mohammed bin Salman and the UAE’s Sheikh Mohammed bin Zayed al Nahyan have been unavailable to Biden after US requests were made for discussions.

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Energy crisis: UK could learn from Fukushima response, MPs told

Japanese measures including turning down the heating and slower trains could ease pressure on British households, say experts

Britain could learn from Japan’s response to the Fukushima nuclear plant disaster by reducing energy consumption to deal with soaring global gas prices after the Russian invasion of Ukraine, academics have said.

Suggesting a coordinated response to record gas prices could help ease the pressure on households, experts told MPs on the Commons business committee that steps to reduce national demand for gas-fired power next winter could be deployed.

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Foreigners travelling to Ukraine to fight invasion will be given citizenship – as it happened

This blog is now closed. Follow our live coverage of the Russian invasion here.

Stoock markets have been struggling again today with no sign of any let up in the adverse economic impact of the war.

Brent crude is on the rise again – up 2.48% to $126.26 – after see-sawing violently yesterday when it touched almost $140.

Griffiths urged all sides to ensure that civilians, homes and infrastructure in Ukraine were safeguarded.

“This includes allowing safe passage for civilians to leave areas of active hostilities on a voluntary basis, in the direction they choose,” he said, after Ukraine rejected an earlier deal that would only allow its civilians to evacuate into Russia or Belarus.

The meeting came as Ukraine and Russia seek an agreement on creating “humanitarian corridors” out of pummelled cities, as the civilian toll from the Russian assault mounts.

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Nickel soars to record $100,000 a tonne as risk of shortages from Russia rises – business live

Rolling coverage of the latest economic and financial news

The oil price has opened higher too, with Brent crude up 2% at $125.70 per barrel.

Yesterday, Brent spiked alarmingly to $139 per barrel, a 14-year high, after the US said it was talking to its European allies about potentially banning Russian oil imports. It then slipped back, as Germany’s Olaf Scholz pushed back against the idea.

“This is the tightest fundamental backdrop in years and the developments in Russia/Ukraine have ignited a market that was already a coiled spring. How high can oil prices go? Pick a number, this is a market in disarray.

Market fundamentals are the strongest in at least 15 years… it is not unfathomable for prices to rocket to $200/bbl by summer, spur a recession and end the year closer to $50/bbl ($200 call options have been bid). To be clear, this is not our base case, but such a scenario does not sound implausible today. Two weeks ago, such a notion would have been ludicrous.”

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UK faces large EU bill over Chinese imports fraud

Court rules government failed to fulfil obligation to collect correct amount of customs duties and VAT

The British government faces paying a hefty charge to the EU after the European court of justice ruled it had been negligent in allowing criminal gangs to flood European markets with cheap Chinese-made clothes and shoes.

Publishing its final ruling on Tuesday, the court concluded that the UK as member state had “failed to fulfil its obligations” under EU law to combat fraud and collect the correct amount of customs duties and VAT on imported Chinese goods. The failures by HMRC date from 2011 to 2017.

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Russia threatens Europe’s gas supplies as west mulls oil import ban over Ukraine invasion

Deputy prime minister raises prospect of closing Nord Stream 1 gas pipeline to Germany, and says rejecting Russian oil would be ‘catastrophic’ for world

Moscow has stoked fears of an energy war by threatening to close a major gas pipeline to Germany after the US pushed its European allies to consider banning Russian oil imports over its invasion of Ukraine.

In an address on Russian state television, Russian deputy prime minister Alexander Novak said: “A rejection of Russian oil would lead to catastrophic consequences for the global market”, and claimed the price of oil could rise to more than US$300 a barrel.

Ukrainian intelligence claimed that a Russian general has died in fighting around Kharkiv, the second such officer killed in a week. It broadcast what it said was a conversation between Russian FSB officers discussing the death of Maj Gen Vitaly Gerasimov, and complaining that their secure communications no longer functioned inside Ukraine.

Ukraine’s president, Volodymyr Zelenskiy, rallied the nation in a fresh late-night video address, saying that “heroic” resistance was making the war “like a nightmare” for Russia. Taking viewers on a tour of his quarters in Kyiv, he promised to stay in the capital until the war was won.

Several children were killed by Russian bombing in Sumy, according to the region’s military administration chief.

The humanitarian crisis continued to deepen, with 1.7 million Ukrainians thought to have fled the fighting, with the potential for the total to reach 5 million, the EU said. The UN human rights office has reported 406 confirmed civilian deaths but said the number was a vast undercount.

Zelenskiy is to address UK MPs on Tuesday via video link and is expected to plead for more arms and a no-fly zone over Ukraine to be enforced by Nato.

Dmytro Kuleba, Ukraine’s foreign minister, claimed the prospects of the country joining the EU had greatly increased, according to Ukraine’s Unian website. The distance to EU membership had been as far away as the moon last week, but was now only from Kyiv to the city of Vinnitsa – a distance of just 262km or 162 miles, he said.

Fresh talks between Ukraine and Russia are expected, after a third round ended without agreement on the evacuation of civilians via humanitarian corridors, although a Ukrainian negotiator said small progress had been made. The French president, Emmanuel Macron, accused Vladimir Putin of “moral and political cynicism” and hypocrisy for making promises to protect civilians so they could flee only to Russia.

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Oil prices soar 10% and stocks plunge as US and Europe consider ban on Russian crude

Brent crude jumped $20 to $139.13 at start of trading on Monday, with analysts predicting further increases

Oil prices have soared more than 10% and are closing in on their all-time high levels after the risk of a US and European ban on Russian crude threatened a stagflationary shock for world markets.

The global benchmark of Brent crude hit US$139.13 a barrel at the start of trading on Monday, a leap of more than $20 on Friday’s close of $118.03.

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Companies with female leaders outperform those dominated by men, data shows

Labour’s Anneliese Dodds says women should play a central role in the UK’s post-pandemic economic recovery

Women should play a central role in the UK’s post-pandemic economic recovery, with evidence revealing companies with more female leaders outperform those dominated by men, according to House of Commons research.

Accusing the government of ignoring women’s needs during the coronavirus pandemic and side-lining them in plans for recovery, the shadow secretary for women and equalities, Anneliese Dodds, said the data showed women held the key to a stronger economy, but they were being held back by a lack of investment and the risk of “childcare deserts” in parts of the country.

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Ukraine crisis puts Sunak under new pressure to axe national insurance rise

Tory MPs and business groups urge chancellor to scrap increase intended to fund NHS and social care amid fears of stagflation

Chancellor Rishi Sunak is under renewed pressure from MPs and business groups to rethink plans to increase national insurance next month, as fears grow that Russia’s invasion of Ukraine will dramatically worsen the cost of living crisis and plunge the economy into “stagflation”.

Both Tory and Labour MPs believe Sunak can still be persuaded to ditch the 1.25 percentage point rise – announced last September to fund the NHS and social care – and want him to use the potentially devastating effects of events in Ukraine on prices as justification for what they say is an urgently needed U-turn.

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MPs seeking ‘fast-track’ freeze on oligarchs’ assets before formal sanctions

Amendment to the economic crime bill comes after criticism that UK has been slower to act than US or EU

Russian oligarchs suspected of having links to Vladimir Putin could have their UK assets seized even before the British authorities have completed formal steps to impose sanctions, under far-reaching plans tabled for debate in parliament on Monday.

The move – put forward in an amendment to the economic crime bill by former Tory cabinet minister David Davis and backed by a cross-party group of MPs – would, if passed, amount to the toughest action yet to clamp down on illicit Russian cash in the UK.

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Corporate tree-planting drive in Scotland ‘risks widening rural inequality’

Surge of estate sales to big firms has driven up prices and increased elitism of land ownership, says report

A drive by wealthy companies to plant forests in the Scottish Highlands to offset their carbon emissions risks creating even greater inequalities in rural areas, a major report has warned.

The analysis says a surge of Highland estate sales to major corporations and cash-rich investors, such as Aviva, Standard Life and BrewDog, has driven up land prices sharply and increased the elitism and exclusivity of land ownership, while they aim to limit climate heating.

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Ukraine war a ‘catastrophe’ for global economy as stock markets plunge

Moscow stock exchange remained closed during the week, while the rouble fell to record lows

The London stock market has suffered its biggest weekly losses since the start of the global pandemic in March 2020, as investors took fright at the escalation of the conflict in Ukraine.

Shares plunged in the City following news of a fire and Russian capture of Ukraine’s Zaporizhzhia nuclear power station, with the one-day drop of more than 250 points in the FTSE 100 index taking the weekly loss to 6.7%.

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Global shares tumble after Russian attack on Ukraine nuclear plant – business live

As reported earlier, Russian elites could have their property seized and handed over to Ukrainian refugees, Britain’s deputy prime minister has suggested.

Dominic Raab made the remarks as he defended the UK’s response to Moscow’s invasion of Ukraine and the prime minister, Boris Johnson, called for an emergency UN summit after a Russian attack on a nuclear power station in Ukraine.

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London Stock Exchange suspends trading in more Russian firms

James Rutherford resigns from board of Evraz, steel and mining group in which Roman Abramovich has stake

The London Stock Exchange has suspended trading in more Russian companies, while an independent director resigned from the board of Evraz, the steel and mining group in which Roman Abramovich holds a 29% stake.

The LSE suspended trading in the remaining eight companies with strong links to Russia that were not included on a list of 27 companies suspended on Thursday.

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Agribusiness giants tried to thwart EU deforestation plan after Cop26 pledge

Firms sought to weaken draft EU law banning food imports linked to deforestation eight days after vowing to accelerate action

Five of the world’s biggest agribusiness firms sought to weaken a draft EU law banning food imports linked to deforestation, eight days after pledging to accelerate their forest protection efforts at Cop26, documents seen by the Guardian show.

Forest protection hopes had been raised when the CEOs of 10 food companies with a combined revenue of nearly $500bn (£373bn) vowed to “accelerate sector-wide action” towards eliminating commodity-driven deforestation as the climate summit began on 2 November.

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Ikea closes all stores and factories in Russia amid exodus of western firms

Top brands from M&S to Apple, Jaguar Land Rover, Expedia and Coca-Cola are suspending operations

Ikea has temporarily closed all stores and factories across Russia in a move affecting 15,000 workers, becoming the latest in a swathe of western firms to halt operations in the country since it invaded Ukraine.

The Swedish flatpack furniture company has mothballed its 17 outlets across Russia but said it would keep its Mega shopping centres open to allow access to essential retailers, such as food shops and pharmacies. The news prompted a rush of shoppers at the stores due to close.

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Ukraine Airbnbs being booked in effort to get money to residents

People are paying but not staying, as rental platform offers free housing to 100,000 Ukrainian refugees

Members of the public are paying for Airbnb rentals in Ukraine to help get money to residents who are facing extreme financial hardship because of the Russian invasion.

The home rental platform has already moved to offer free housing to 100,000 Ukrainian refugees, but members of the public have come up with a novel way to financially help those who either intend to remain or are trapped in the country owing to the conflict.

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Europe must be more independent and shore up its defence, says Macron

In TV address French president warns tough economic times are ahead following Ukraine invasion

Emmanuel Macron has warned that Europe must become more independent for its own defence and to ensure energy supplies after Russia’s invasion of Ukraine.

The French president said the conflict had “changed the era” across the continent and that he would be calling a summit of European leaders next week to discuss how to address the “unprecedented challenge” it created.

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London Stock Exchange suspends 27 Russian listings; wheat prices soar to 14-year high – business live

The drinks giant Diageo, which makes Smirnoff vodka and Guinness, has paused exports to Russia and Ukraine. A spokesperson told Reuters:

Our priority is the safety of our people in Ukraine and the wider region.

The Institute of Directors expresses its solidarity with Ukraine and its people, who are facing intolerable suffering.

Although directors owe legal duties to the companies on whose boards they serve, they should also feel a stronger moral duty to uphold the fundamental values of freedom and democracy. We believe that it is no longer tenable for British directors to be involved in governance roles in the Russian economy. Therefore, we hope that they will now question the viability of their mandates in Russian and Belarusian companies.

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London Stock Exchange suspends trading in 27 firms with strong links to Russia

Energy and banking giants Gazprom and Sberbank plus EN+, Lukoil and Polyus among firms

The London Stock Exchange has suspended trading in 27 companies with strong links to Russia, including energy and banking giants Gazprom and Sberbank.

The LSE said it was moving to block trading in the companies, which also include EN+, Lukoil and Polyus, with immediate effect “in light of market conditions, and in order to maintain orderly markets”.

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