Russia news and archive

New US tariffs against India over Kremlin dealings in effect

New US tariffs on imports from India due to its oil trade with Russia have come into effect. As of Wednesday, the United States is imposing an additional tariff of 25 percent on products from the South Asian country, according to a document in the US Federal Register. Former US President Donald Trump ordered the move in early August. This...

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Business

Zara-owner Inditex to sell all businesses in Russia

Spanish fashion retailer Inditex said Tuesday it would sell its business in Russia, seven months after the Zara-owner halted its operations in the country following the invasion of Ukraine. "Inditex has reached an initial agreement for the sale of its business in the Russian Federation to Daher group, which has prominent interests in the retail...

Retail

Russian shopping centers may replace Western brands with Turkish and Chinese ones

Russian shopping centers are ready to replace American and European brands with Turkish and Chinese ones. The president of the Union of Shopping Centers, Bulat Shakirov, shared this information with Russian newspaper "Izvestia". A representative of the Union has already left for Turkey for negotiations aiming to attract more than 200 trademarks...

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Retail

What to know about the UK’s sanctions on Russia

Over the course of the past week, since Russia carried out its “military operations” in Ukraine, the world has responded with great force to condemn Putin’s actions and impose restrictions and sanctions on the country and those with ties to the Russian leader. Addressing the House of Commons last week, UK prime minister Boris Johnson said the UK...

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Retail

Retail in Russia: Moscow follows fashion

Moscow - Despite successive economic and diplomatic crises, there is no shortage of fashion in Moscow. From pure luxury to streetwear and everything in between. FashionUnited highlights the six most important multibrands. TSUM: the giant TSUM, which is owned by the Mercury Group (a group that manages over a hundred premium and luxury boutiques...

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Retail

World Cup's expected influence on Russian retail and economy

Two weeks away, the FIFA World Cup, held in Russia, incurred a staggering 13.3 billion dollars of costs to prepare, making it the most expensive championship ever to be hosted by any nation. This follows the trend: each World Cup to take place has been more expensive than the previous one. For instance, the Republic of South Africa spent nearly...

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Fashion

Fashion in Russia: a Breath of Fresh Air from the East

After a decade of remarkable consumption and luxury retail sales, the Russian fashion market is clearly moving into a new direction. More mature and smarter, it’s becoming more predictable for a long-term strategy and thought-out planning, creating new potential for the domestic fashion industry. In 2017, the Russian fashion market grew by 5...