The European Union’s latest package of sanctions on Russia has opened new avenues for Indian businesses to expand trade with Moscow, according to the Moscow-based Indian Business Alliance (IBA).On October 23, the Council of the European Union adopted its 19th round of restrictive measures targeting key Russian sectors—including energy, finance, and defense — in response to what it called “Russia’s illegal invasion of Ukraine.”In a statement, the IBA said, “The EU sanctions against Russia have had an unexpected effect — instead of weakening the Russian economy, they have spurred local production and innovation. Russian industries have responded dynamically, filling the gaps left by the withdrawal of Western companies,” as cited by PTI.The alliance added that the measures have deepened Russia’s partnerships with “friendly nations, particularly India.” As Western firms exited Russia, Indian businesses stepped in to meet growing demand. “Bilateral trade between India and Russia has now reached a record $68.7 billion, reflecting the growing momentum in bilateral relationship,” the statement, signed by IBA president Sammy Manoj Kotwani, said.The 19th sanctions package also bans exports of several goods — including sanitaryware, electric motor toys, and tricycles — to Russia. The IBA said Indian companies have been quick to capitalize on these gaps. “Indian generic drug manufacturers, who in the past have been targets of western rivals’ smear campaigns, are today ensuring stable supplies for Russian hospitals and pharmacies,” it said.Indian exporters of engineering goods and machinery have expanded shipments of equipment, components, and spare parts, while Indian consumer products have reappeared on Russian shelves. The IBA noted that Indian tea, rice, spices, and garments are increasingly replacing European brands.“This cooperation benefits both nations — Russian consumers enjoy stable access to quality products, while Indian exporters gain new and growing markets,” Kotwani said, as quoted by PTI. He added that the IBA is actively helping businesses from both countries connect, facilitating logistics, partnerships, and guidance to build mutual trust. “Together, Russia and India are transforming global challenges into new opportunities — and emerging more resilient, united, and forward-looking than ever,” he said.The EU sanctions came a day after the United States announced its own measures against Russia. On October 22, Washington imposed sanctions on Rosneft and Lukoil, Russia’s two largest crude oil producers, prohibiting all American entities and individuals from doing business with them.At the same time, the US levied a 25% tariff on India for purchasing Russian oil, in addition to existing reciprocal duties on Indian exports. Indian goods are currently subject to nearly 50% additional import tariffs in the US. New Delhi has called these duties “unfair, unjustified and unreasonable.”Meanwhile, India on Monday reviewed progress in negotiations for a proposed free trade agreement (FTA) with the European Union. Commerce and Industry Minister Piyush Goyal met with EU Commissioner for Trade and Economic Security Maros Sefcovic in Brussels to discuss the ongoing talks.

Homeowners looking to renew their mortgage before the end of the year have received a boost, with four major lenders reducing the interest rates on some deals.

Despite the Bank of England maintaining the base rate at 4 per cent, and not being expected to alter it before December at the earliest, there remains movement in the wider market around both savings and mortgages.

Last week, Zopa bank brought out an inflation-beating 4.75 per cent easy-access savings account, and now some households have another positive to consider, with lowered rates on mortgage deals.

Barclays announced five five-year products with newly lowered rates, ranging from 60 per cent to 95 per cent loan-to-value, with the lowest interest rate among these products coming in at 3.91 per cent.

HSBC did not announce exact cuts, but reduced a raft of residential mortgage products, with Santander then following suit, lowering fixed rates by as much as 0.36 per cent in some three-year fixes. On Monday, NatWest also cut rates, including lowering a two-year fixed deal to 3.77 per cent.

More than 400,000 homeowners will be coming to the end of a fixed-term deal before 31 December, mortgage and finance expert Jo Hodgson told The Independent, with the vast majority likely to need to renew their agreement.

Those who took out two-year deals initially will find interest rates are lower this time round – but those coming to the end of post-Covid purchases on five-year fixes will be preparing for a rise in payments.

This month’s lower-than-expected inflation reading has potentially paved the way for the Bank of England to lower interest rates further in the coming months, but few expect there to be more than one cut in the next three months, meaning that swap rates – which mortgage deals are based on – have already priced in most potential movements.

“There are early positive signs for mortgage rates after the rate of inflation for September held steady, undershooting expectation,” David Hollingworth from L&C Mortgages said.

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“Hopes that inflation may have peaked at a lower level than expected have opened the door to a reduction in the Bank of England base rate before the end of the year. As market forecasting has improved, swap rates have fallen further, which should give lenders the chance to improve their fixed rates.

“We know that once there are moves from some of the big players, it will inevitably lead to others following suit. If the more positive outlook in the markets holds firm, we could see another series of repricing moves that will cut fixed-rate pricing.

“However, with the Budget to come, it’s hard to predict where sentiment could head from here. That’s already brought some borrower anxiety into play, and so there’s still a strong case for taking a rate now and keeping a close eye on market movement from here. That will give security, but still allow a jump to a lower rate before completion if we see further improvements.”