Latest news with #EU-focused
Yahoo
28-05-2025
- Business
- Yahoo
UK companies shift focus from EU exports amid trade challenges
The number of UK businesses exporting solely to the EU dropped by 19% in 2024 to 14,300 from 17,800 in 2023, according to Lubbock Fine, a London-based chartered accountancy firm. Meanwhile, businesses importing and exporting exclusively to non-EU countries rose by 12% to 132,000. This shift highlights the impact of post-Brexit regulatory changes and recent trade agreements. Alex Altmann, partner at Lubbock Fine and head of the firm's German desk, noted that the decline in EU-focused exporters underscores the significance of the EU/UK trade agreement signed on 19 May 2025. The agreement aims to reduce veterinary checks on plants and animals transported from the UK to the EU, potentially easing some trade barriers. The trend of UK businesses moving away from EU trade is attributed to fears of red tape and regulatory divergence since Brexit. Altmann, also the vice president of the British Chamber of Commerce in Germany, said: 'The paperwork involved in trading with the EU has pushed many UK businesses away from their largest export market. Let's hope that the May 19 agreement is a first step in reducing red tape. The problems caused to UK businesses by Trump's tariffs shows that the EU will remain a key market.' The regulatory divergence is exemplified by the introduction of the UKCA safety mark, replacing the EU's CE mark. The change, along with increased customs inspections, has added to the challenges faced by UK exporters. Altmann said: 'More regulation means more paperwork – which is time consuming and expensive for businesses. On top of that, slow movement at the border causes delays for customers. 'UK exporters often find client relationships have been damaged to the point where their customers find alternative suppliers within the EU.' The recent UK-EU trade deal, while a positive step, leaves several issues unresolved. Altmann pointed out its narrow focus, which primarily addresses fishing and food exporters, leaving out significant sectors like manufacturing and professional services. 'These sectors account for a large portion of UK exports so they should really be a priority for the Government. What is also needed is a long-term commitment by both parties to streamline regulation. This will reduce business uncertainty and increase investor confidence – both of which will contribute to sustainable growth,' he explained. "UK companies shift focus from EU exports amid trade challenges" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
09-05-2025
- Business
- Yahoo
Belgium pushes for coalition of nations to keep Russian assets frozen
Maxime Prévot, Belgium's new Foreign Minister, has said his country is ready to help establish an international coalition to keep Russian assets frozen, despite having no guarantees that EU sanctions will be extended this summer. Source: Prévot in an interview with Euractiv, an EU-focused news and analysis website, as reported by European Pravda Details: The Belgium-based clearing house Euroclear holds the bulk of Russian assets under sanctions in Europe, estimated at over €180 billion in public and private funds that were frozen by the EU following Moscow's full-scale invasion of Ukraine in February 2022. However, the sanctions are set to expire by the end of July. EU diplomats say they expect Hungary to attempt to undermine the decision by abstaining, thereby blocking the unanimity required among all 27 EU member states. "In this case, we absolutely need to have alternatives for keeping the assets frozen," Prévot noted. "We could have a new international framework initiative, which will force those assets to stay in Euroclear, or another alternative would be a national initiative of the Belgian parliament." He added that Belgium cannot act alone. "We absolutely need to pool the risks," Prévot said. "We absolutely need to have a mutual approach. Seeing the risk both legally and financially, it's absolutely important to have a 'coalition of the willing' – this time related to the Russian assets." "The time is running, so it is really important to have a clear process identified in the coming weeks, before the moment when we have to decide on the 17th sanction package," he said. Prévot noted that Belgian experts are working to analyse the various possibilities and find a lasting solution. "Belgium will absolutely avoid being alone and taking all the risk of being pursued by Russia in different courts with only sentimental support from EU member states," he added. "No, we need to have strong, written commitments from the other countries – maybe not only the EU ones, but perhaps also supported by the UK, Canada, and others." Background: Reports indicate that Euroclear plans to confiscate and redistribute around €3 billion in frozen Russian assets after Moscow seized funds held by foreign investors in Russia. The EU has long debated the confiscation of Russian assets and their transfer to Ukraine. However, key countries such as France, Germany, Italy, and Spain oppose the move, fearing it could deter international investors and deprive the EU of a major bargaining tool in future peace negotiations. Support Ukrainska Pravda on Patreon!
Yahoo
30-04-2025
- Politics
- Yahoo
Pro-Russian party in Bulgaria agrees to "exchange ideas" with Putin's political party
Bulgaria's pro-Russian Vazrazhdane (Revival) party has signed a cooperation and equal partnership agreement with United Russia, the political faction run by Kremlin leader Vladimir Putin. Source: Euractiv, an EU-focused news and analysis website, as reported by European Pravda Details: Vazrazhdane announced the signing of the agreement in a press release about its delegation's visit to Moscow, made at the invitation of the Kremlin's party. "The agreement provides for the exchange of experience, ideas and political practices between the two parties, and is an important positive step towards the restoration of full-fledged Bulgarian-Russian relations," the political party said. The deal was formalised by Tsoncho Ganev, Deputy Chairman of Vazrazhdane and Deputy Speaker of the Bulgarian parliament, and Vladimir Yakushev, First Deputy Chair of Russia's Federation Council, the upper house of the Russian legislature. Vazrazhdane sees no issue with Russia declaring Bulgaria an enemy state following the onset of the war in Ukraine while continuing to maintain ties with Putin's political party. Background: Representatives of this party also visited Russia a year ago. In March, the pro-Russian and Eurosceptic Velichie party was elected to parliament in Bulgaria after a partial recount of votes in the October elections. Support Ukrainska Pravda on Patreon!
Yahoo
14-03-2025
- Business
- Yahoo
EU proposes setting up €40bn military fund for Ukraine, overriding Hungary's veto, Euractiv says
The European Union has proposed that a fund be established to voluntarily provide Ukraine with military assistance ranging from €20 billion to €40 billion, circumventing a potential veto by Hungary. Source: Euractiv, an EU-focused news and analysis website, as reported by European Pravda Details: Last month, the European External Action Service proposed an EU-level initiative to supply Ukraine with additional ammunition. However, the text of the proposal, seen by Euractiv, did not specify the funding required for its implementation. Given Hungary's continued refusal to support Ukraine, the proposal has been rewritten so that "participating member states" could join in. The latest version of the proposal states that countries "are encouraged to deliver military support to Ukraine in 2025 with a provisional value of at least €20 billion, and potentially reaching €40 billion pending Ukrainian needs". As a first step, the text suggests that the leaders of the participating countries should agree to allocate €5 billion to procure 2 million large-calibre artillery shells in 2025. Each country will contribute according to its economic capacity, either in cash or in kind. The EU plans to count €1.9 billion from the proceeds of frozen Russian assets as its share, even if these funds have already been committed and partially disbursed. The initiative's priorities should centre on large-calibre artillery ammunition, air defence systems, missiles, drones, fighter aircraft, etc. The text was handed over to EU countries on Thursday 13 March ahead of a meeting of foreign ministers scheduled for Monday 17 March. EU leaders will gather for a summit next week, primarily to discuss aid to Kyiv and the strengthening of EU defence capabilities. The deadline for countries to express interest in joining the programme is 30 April. Background: Following a European Council meeting on 6 March, several EU member states announced a commitment to allocate up to €15 billion in additional aid to Ukraine, European Council President António Costa said earlier. Support Ukrainska Pravda on Patreon!
Yahoo
10-03-2025
- Politics
- Yahoo
EU not ruling out Hungary's blocking sanctions against Russia, says European media outlet
Euractiv, citing unnamed European diplomats, has reported that the European Union has not ruled out that Hungary may block the extension of sanctions against Russia this week, as they are set to expire on 15 March. Source: EU-focused news and analysis website Euractiv, as reported by European Pravda Details: The report states that some EU diplomats were surprised that Hungarian Prime Minister Viktor Orbán had not taken any action to oppose the conclusions of the extraordinary European Council meeting on 6 March regarding support for Ukraine. As a result, the conclusions were signed by the leaders of 26 EU member states, while Orbán did not put his signature to them. Those present in the meeting room revealed that Orbán also did not raise any contentious issues regarding Russia. Diplomats believe that the Hungarian prime minister exercised restraint against the background of the need to extend sanctions against Russia, which are renewed every six months and are set to expire on 15 March. Bypassing Budapest will not be possible this time, as sanctions require the unanimous approval of all 27 EU countries. This gives Orbán significantly more leverage to demand concessions, the report notes. The EU's restrictive measures target individuals, companies and other entities involved in undermining Ukraine's territorial integrity, sovereignty and independence. The EU sanctions list currently includes more than 2,400 individuals and legal entities. In recent weeks, Hungary has stated that it is seeking to remove eight individuals from the EU sanctions list against Russia and to secure new concessions in negotiations with Ukraine on gas transit. Since US President Donald Trump has been sending numerous signals that Washington might lift sanctions on Russia as part of its push for a peace settlement, Budapest is likely to push back more forcefully against EU sanctions on Russia, Euractiv notes. This week, EU ambassadors have three opportunities to secure the extension of the sanctions package – on Monday, Wednesday or Friday. Recently, Hungarian Foreign Minister Péter Szijjártó pledged to oppose the renewal of EU sanctions against more than 2,400 individuals and organisations, including Russian leader Vladimir Putin and Foreign Minister Sergei Lavrov. Hungary's top diplomat urged the EU to wait for the outcome of negotiations between the US and Russia on ending the war in Ukraine. Support Ukrainska Pravda on Patreon!
