Western governments of the G7 nations are to strip Russia of its World Trade Organisation ‘most favoured nation’ (MFN) status after its invasion of Ukraine. The move revokes normal trading relations with Russia and means the imposition of punitive tariffs on Russian trade that will further exclude it from the global economy. MFN principle The […]
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Latest News
08
Mar
Mar
OPEC chief says there’s ‘no capacity in the world’ that could replace Russia’s 7 million barrels a day in oil supply
Russian oil exports are crucial to global supply, and there are no sources that can compensate for the millions of barrels the country contributes, OPEC’s secretary general has said. The US is considering whether to ban imports of oil from Russia over its war on Ukraine, and there are fears Russia could redirect its volumes […]
06
Mar
Mar
UK ‘likely to step back’ from suspending Northern Ireland Protocol with Ukraine taking centre stage
Prime minister Boris Johnson is unlikely to trigger Article 16 of the Northern Ireland Protocol before May’s Stormont elections as the war in Ukraine absorbs government time and energy, the FT reports today (Friday 4 March). Article 16 allows either party to take unilateral “strictly necessary” measures if applying the protocol “leads to serious economic, […]
05
Mar
Mar
PMI data shows UK manufacturing was on the rise in February, before the Ukraine crisis took hold
Supply chain disruption appeared to be easing before Russia’s invasion of Ukraine on 23 February, new data shows. The latest IHS Markit/CIPS UK manufacturing Purchasing Managers’ Index (PMI) signalled growth for the sector in February, with a score of 58 exceeding the 57.3 score in January. Any score above 50 indicates growth. Easing pressures Two-thirds […]
04
Mar
Mar
EU considers suspending Most Favoured Nation status for Russia at WTO
The European Union said it was looking into suspending ‘Most Favoured Nation’ (MFN) treatment for Russia at the World Trade Organisation over the country’s invasion of Ukraine. This would allow the EU to hike tariffs or set quotas on Russian imports. The ‘Most Favoured Nation’ principle means that WTO members cannot discriminate between their trading […]
04
Mar
Mar
How UK manufacturers could be impacted by trade fallout from Russian invasion
British manufacturers are being warned to brace themselves for rising costs as a result of the fallout from Russia’s invasion of Ukraine. Prices for a range of commodities – including oil, gas, cereals and important metals – are predicted to soar, resulting in higher input costs for businesses. With trade routes around Russia also uprooted […]
03
Mar
Mar
Russian shipping now prohibited from using UK ports as EU looks to follow suit
The UK government has quickly brought in legislation banning any ships connected to Russia – not just those flying the Russian flag – from UK ports and has brought in new powers to detain Russian vessels. The ban applies to Russian flagged, registered, owned, controlled, chartered or operated vessels. European Union countries are also considering […]
03
Mar
Mar
Estonian cargo ship sinks off Ukraine coast near Odessa after explosion
An Estonian-owned cargo ship has sunk today in the Black Sea off the Ukrainian port of Odessa after an explosion, Reuters has reported. The vessel’s manager, interviewed by Reuters, said that two crew members were in a life raft at sea while four others were unaccounted for. Igor Ilves, managing director of Tallinn-based manager Vista […]
02
Mar
Mar
Global brands boycott Russia – including Apple, Ford, Nike and Disney
Global brands such as Apple, Ford, Nike, Disney and Warner Bros are stopping sales in Russia following its invasion of Ukraine. Apple, the world’s most valuable brand, said that it stopped exporting products into Russia last week, ahead of pausing sales. Apple In a statement, the US tech giant said it will stand “with all […]
02
Mar
Mar
United Nations climate change report – five things traders need to know
United Nations body the Intergovernmental Panel of Climate Change (IPCC) has issued what has been described as its “bleakest warning yet” about what the failure to address the issue will mean for the world’s liveable future. At more than 3,500 pages the report covers a vast number of themes, but what do traders need to […]