Citi hit with £5m fine for violating UK sanctions on Russia Banking Citi has been hit with a fine of nearly £5m after regulators found it violated the UK’s sanctions regime on Russia. The Wall Street giant’s London branch was found to have processed £19.7m in illicit transactions spanning 970 payments. The Office of Financial Sanctions Implementation (OFSI) ruled that, in one instance, Citi failed to freeze [...]
Global markets warned of ‘biggest energy crisis’ in modern history after oil surge Energy Global economies are facing warnings over what could the “biggest energy crisis” in modern history after the price of oil breached the $100 mark for the first time since the energy crisis in 2022. Brent crude, the international benchmark for oil, surged over 25 per cent to highs of $118 per barrel as the week’s [...]
Rolls-Royce, BAE, Babcock: Defence shares rally after Trump remarks Markets Shares in London-listed defence firms rallied during early trading on Wednesday after President Donald Trump changed his tune on the Russia and Ukraine conflict. Aerospace firm BAE Systems led the City’s blue-chips with a 1.6 per cent gain to 1,982.50. Meanwhile Babcock was up over one per cent to 1,195 and FTSE darling Rolls-Royce rose [...]
Insurers urged to reassess Russian oil coverage amid UK and EU price cap changes August 14, 2025 An insurance association has urged its members to assess their exposure to Russian oil as the UK and EU prepare to update their oil price cap regimes
Ukraine and Russia agree to prisoner swap as Putin announces ceasefire April 19, 2025 Russia and Ukraine said on Saturday they had swapped hundreds of prisoners in the largest exchange since the Russian full-scale invasion started over three years ago. Russia’s ministry of defence said that 246 Russian service members were returned from territory controlled by Kyiv and that, “as a gesture of goodwill”, 31 wounded Ukrainian prisoners of [...]
Russia says it has taken another village from Ukrainian forces in Kursk region April 19, 2025 Kremlin forces have pushed Ukrainian troops from one of their last remaining footholds in Russia’s Kursk region, officials said. Russia’s Defence Ministry said its forces took control of the village of Oleshnya, on the border with Ukraine. The “Units of the North military group have liberated the village of Oleshnya in the Kursk region during [...]
Russian confrontation with peacekeepers ‘would be an extraordinary escalation’ March 16, 2025 Russian soldiers confronting British troops in Ukraine would be an “extraordinary escalation”, a minister has said as talks continue on a possible Western peacekeeping operation. Wes Streeting suggested on Sunday morning that the prospect of such a confrontation would be sufficient to deter Russia from breaching any ceasefire agreement reached with Ukraine. He told Sky [...]
Government could take Abramovich to court over £2bn from Chelsea sale March 7, 2025 The government is reportedly preparing to take former Chelsea owner Roman Abramovich to court to get their hands on £2bn from the sale of the club. The oligarch previously said that the money from the sale, currently frozen in a bank account, would go to those hit by Russia’s invasion of Ukraine. But ministers have [...]
FTSE 100 giants Rolls-Royce and BAE Systems surge following Ukraine defence summit March 3, 2025 UK and European defence shares rose to near-record highs on Monday morning lead by names such as Rolls-Royce and BAE Systems, after the defence summit in London, at which European leaders emphasised support for Ukraine and pledged to raise defence spending. The STOXX 600 rose 0.4 per cent boost, following ten consecutive weeks of gains [...]
Bill Browder: ‘Bad bet’ to return to Russia after ceasefire February 17, 2025 Firms that choose to re-open operations in Russia after a peace agreement has been reached would be “making a bad bet” and “deserve to lose their money”, a former hedge fund manager dubbed ‘Putin’s number one enemy’ has said. Speaking to City AM from the Munich Security Conference (MSC), Sir Bill Browder launched a scathing [...]