The grey Zara market: how ‘parallel imports’ give comfort to Russian consumers

Western brands that pulled out are still on sale, due to legal changes that have fuelled entrepreneurship

Aleksandr Gorbunov, a property investor from the Siberian city Krasnoyarsk, had a simple solution when Zara, the Spanish clothing giant, closed its stores in Russia over the invasion of Ukraine: import it himself.

“The idea to start selling Zara came from my wife, who said she really wanted the clothes to return,” said Gorbunov, who said he was opening a store called Panika (panic) on Friday that deals exclusively in Zara and Zara Home products.

Continue reading...

Scottish salmon industry urges ministers to act over Dover delays

Action urged over Brexit-related delays of up to 48 hours caused by queues on the UK side of Channel

The Scottish salmon industry has called on ministers to urgently intervene to stop Brexit-related delays to the transportation of fresh fish to France.

It comes after the Brexit opportunities minister, Jacob Rees-Mogg, admitted he was wrong to say there would be no delays at the port of Dover caused by the UK leaving the EU.

Continue reading...

Sunak ruse aims to outmanoeuvre Truss over China

Analysis: claims by ex-chancellor about Foreign Office weakness towards Beijing look like an attempt to head off a similar attack on him

Rishi Sunak’s pre-emptive strike attacking Liz Truss over alleged Foreign Office pusillanimity towards China looks to have been a daring attempt to fend off an imminent assault from his Tory leadership rival.

But it locks the contestants into a potentially uncontrollable dogfight as they seek to prove their credentials as the truer enemy of authoritarianism.

Continue reading...

Ukraine and Russia sign UN-backed deal to restart grain exports

Shipping of millions of tonnes from blockaded Black Sea ports could avert global food crisis

Ukraine and Russia have signed a UN-backed deal to allow the export of millions of tonnes of grain from blockaded Black Sea ports, potentially averting the threat of a catastrophic global food crisis.

A signing ceremony at Dolmabahçe Palace in Istanbul was attended by the UN secretary general, António Guterres, and Recep Tayyip Erdoğan, Turkey’s president, who had played a key role during months of tense negotiations.

A coalition of Turkish, Ukrainian and UN staff will monitor the loading of grain on to vessels in Ukrainian ports before navigating a pre-planned route through the Black Sea, which remains heavily mined by Ukrainian and Russian forces.

Ukrainian pilot vessels will guide commercial vessels transporting the grain in order to navigate the mined areas around the coastline using a map of safe channels provided by the Ukrainian side.

The vessels will then cross the Black Sea towards Turkey’s Bosphorus strait while being closely monitored by a joint coordination centre in Istanbul, containing representatives from the UN, Ukraine, Russia and Turkey.

Ships entering Ukraine will be inspected under the supervision of the same joint coordination centre to ensure they are not carrying weapons or items that could be used to attack the Ukrainian side.

The Russian and Ukrainian sides have agreed to withhold attacks on any of the commercial vessels or ports engaged in the initiative to transport vital grain, while UN and Turkish monitors will be present in Ukrainian ports in order to demarcate areas protected by the accord.

Continue reading...

Concerns that India is ‘back door’ into Europe for Russian oil

Volume of Russian crude bought and then exported by India suggests some of it may end up in European petrol stations

The huge blue and red hull of the SCF Primorye came into port at Vadinar, western Gujarat, India, earlier this month. The 84,000-tonne oil tanker, built in 2009 and sailing under the Liberian flag, had arrived from the port at Ust-Luga, a settlement in Russia near the border with Estonia.

Until 2017, the Vadinar oil refinery was controlled by Essar – the Indian owner of the Stanlow refinery in Ellesmere Port. Since then a consortium including the sanctioned Russian state-owned oil firm Rosneft and the commodities trader Trafigura, which holds a 24.5% stake, have owned Nayara Energy, which runs the refinery.

Continue reading...

Labour unveils plans to seek limited changes to Brexit deal

David Lammy, the shadow foreign secretary, confirms party won’t seek to rejoin single market or EU bloc

Labour has broken its long silence on Brexit, laying out detailed plans to improve, not scrap, the deal Boris Johnson struck with the EU, in a move it concedes will enrage remain supporters.

On the sixth anniversary of the Brexit referendum, the shadow foreign secretary, David Lammy, confirmed the party would seek only limited changes and would not seek to rejoin the single market which would bring the return of free trade and free movement of people.

Continue reading...

Brexit is making cost of living crisis worse, new study claims

EU withdrawal fuelling higher import costs and costing British workers nearly £500 a year, says Resolution Foundation

Britain’s cost of living crisis is being made worse by Brexit dragging down the country’s growth potential and costing workers hundreds of pounds a year in lost pay, new research claims.

The Resolution Foundation thinktank and academics from the London School of Economics said the average worker in Britain was now on course to suffer more than £470 in lost pay each year by 2030 after rising living costs are taken into account, compared with a remain vote in 2016.

Continue reading...

UK ramps up gas and oil exports to EU amid Russia’s war in Ukraine

Britain’s goods exports to EU a record £16.4bn in April despite impact of Brexit

The UK has drastically increased the volume of natural gas being pumped to the EU amid Russia’s war in Ukraine, powering a record monthly rise in goods exports to the continent despite Brexit.

Figures from the Office for National Statistics show EU goods exports rose for the third consecutive month to £16.4bn in April, the highest monthly level in current prices since comparable records began in 1997.

Continue reading...

‘Same nightmare week after week’: UK firms fed up with post-Brexit EU trade

Exporters fear Northern Ireland protocol row will spur trade war with Brussels, making an already difficult job even harder

Mark Brearley is still frustrated by Brexit. More than a year from Britain’s formal withdrawal from the EU, on terms agreed by Boris Johnson’s government, exporting the goods his company produces hasn’t got any easier for the London-based manufacturer.

Describing it as “the same nightmare week after week”, he says: “A lot more time is spent with things going wrong. The EU really feels like the hardest place in the world to ship things to sometimes.”

Continue reading...

M&S chair attacks ‘pointless’ post-Brexit rules for Northern Ireland

Archie Norman backs UK plans to scrap parts of protocol, saying lorries require ‘700 pages of documents’

The chairman of Marks & Spencer has backed government plans to override parts of the Northern Ireland protocol, saying that some food exported south of the border now requires 700 pages of customs documents, partly written in Latin.

Archie Norman, a former Conservative MP, called on the UK government and EU to come to an agreement, saying the rules for sending food between them were “highly bureaucratic and pretty pointless” given that British food standards were in line with or higher than those of Brussels.

Continue reading...

India and UK to press ahead with talks on free trade deal

Narendra Modi hails ‘good progress’ as Boris Johnson signals he is willing to make concessions on immigration

India and the UK will press ahead with talks on a bilateral free trade agreement, Boris Johnson and the Indian premier, Narendra Modi, have said, after the UK made clear it was willing to make immigration part of any deal.

The pair appeared to differ on how rapidly an agreement could be made – Johnson suggested it could be ready by the festival of Diwali in late October, but Modi pointed to the end of the year.

Continue reading...

India is a huge – but elusive – trade prize for Boris Johnson

Analysis: Deal is seen by some as single most important UK negotiation, but agreement will take time

Of all the deals that Boris Johnson could sign with countries outside the EU to lift UK trade, one with India is the among the biggest prizes.

After landing in the country on Thursday morning, the prime minister must be hoping his two-day trip – taking in his Indian counterpart Narendra Modi’s home state of Gujurat and then New Delhi – will add impetus to talks already under way to reach a free trade agreement (FTA) between the two countries.

Continue reading...

Russia ‘preparing legal action’ to unfreeze $600bn foreign currency reserves

Elvira Nabiullina says lawsuits aim to release gold and foreign currency frozen amid Ukraine invasion sanctions

Russia is preparing to take legal action to challenge the freeze on its $600bn (£462bn) foreign currency war chest put in place by western governments after the invasion of Ukraine, the head of the country’s central bank has said.

Elvira Nabiullina said plans were being made to launch lawsuits after governments including the US, UK and EU froze the Russian central bank’s foreign currency reserves held within their jurisdictions.

Continue reading...

Lloyd’s moves to cancel insurance cover of Russian firms hit by sanctions

Action comes as Lloyd’s of London returns to profit but warns Ukraine war will present ‘major claim’

Russia-Ukraine war: latest updates

Lloyd’s of London has said it is working with the UK government to implement sanctions imposed over the war in Ukraine as fast as possible, including cancelling Russian firms’ insurance cover.

Announcing a swing back to an annual profit as it recovers from the pandemic, the world’s biggest insurance market warned that the war will present a “major claim” for the insurance market this year, but said it was “manageable”.

Continue reading...

Zelenskiy calls on Japan to impose trade embargo on Russian goods

The Ukrainian president thanked Japan for ‘leading the way’ in virtual address to MPs

The Ukrainian president, Volodymyr Zelenskiy, has called on Japan to increase pressure on Russia by imposing a trade embargo on Russian goods, in a virtual address to MPs in Tokyo.

Zelenskiy, who has delivered carefully tailored speeches to lawmakers in the US, UK and other countries, thanked Japan for “leading the way” among Asian countries in condemning Russia’s invasion of Ukraine and imposing sanctions.

Continue reading...

Britain and US agree on steel tariffs as hopes of broader trade deal recede

Pact ends months of tensions but talks on full free-trade agreement remain far off

The UK has struck a deal with the US to remove tariffs on British steel exports, although trade experts warned a broader trade deal between the two countries remains far off.

The agreement was struck after UK’s international trade minister, Anne-Marie Trevelyan, met her counterpart, the US commerce secretary, Gina Raimondo, on Tuesday evening in Washington.

Continue reading...

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”.

Continue reading...

Sanctions are neither new nor guaranteed to work – just look at Cuba

Analysis: Economic penalties have been meted out since Napoleon’s day but there’s little proof they achieve the desired outcome

Waging war by economic means is nothing new. Napoleon imposed an ineffective embargo on British exports in the early 19th century and during the first world war there were attempts by both sides to starve each other into submission.

But since 1945 sanctions have been used with increasing frequency as a means of trying to change either the policy stance or the regimes in targeted countries.

Continue reading...

UK and New Zealand sign free trade deal

Government claims it will boost bilateral trade by 60% but critics call its benefits ‘economically marginal’

Britain and New Zealand have signed a free trade deal, which the UK government said would boost bilateral trade by 60% by eliminating tariffs, cutting red tape and enabling freer movement of professional workers.

Most business leaders welcomed the deal, which was agreed in principle in October and follows on the heels of a similar agreement with Australia, but the National Farmers’ Union (NFU) said it would lead to unfair competition in their sector.

Continue reading...

Russia-Ukraine war latest news: Turkey will limit Russian warship access to Black Sea, says Erdoğan – live

Turkish president confirms Ankara will invoke Montreux Convention on day that rocket strikes killed ‘dozens’ in Ukrainian city of Kharkiv

Here’s a report from the Guardian’s diplomatic editor, Patrick Wintour, on how the phone has become the Ukrainian president’s most effective weapon.

In a string of phone calls from a besieged Kyiv, Ukraine’s president, Volodymyr Zelenskiy, has persuaded the west to agree to a set of sanctions against Russia that were inconceivable a week ago.

Continue reading...