Gavin Grey: UK correspondent on investigating UK-linked businesses for potentially breaking Russian oil sanctions

The British government is investigating 37 UK-linked businesses for potentially breaking Russian oil sanctions.

The sanctions were introduced when Russia invaded Ukraine in 2022, but critics have claimed they’re ineffective with latest figures showing Russia’s economy is growing.

It’s thought a lot of the affected businesses under investigation are maritime insurance firms, which are potentially enabling Russia to exploit a loophole in the sanctions if proven to be true.

Elsewhere, the Portuguese government is looking to slash taxes for people aged under 35 to encourage people to stay and emigrate to the country, and Princess Catherine has made her first official public engagement since finishing chemotherapy in Southport.

UK correspondent Gavin Grey joined Francesca Rudkin.

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Episode Transcript

Speaker 1 (00:00):
We're going to head to the UK and Europe. Now
it is time to catch up with GEVN. Gray. Good evening, GEVN.

Speaker 2 (00:06):
Hi, Francisca, good to talk to you. Now.

Speaker 1 (00:08):
The UK government is investigating thirty seven UK linked businesses
but potentially breaking Russian oil sanctions.

Speaker 2 (00:16):
Tell me about this, yeah, well, of course the Russians.
The sanctions brought in against Russia were introduced by the
UK and other countries following the invasion of Ukraine in
twenty twenty two, but since then critics said that they're
not very effective because the labors figures actually show the
Russian economy is growing. So the question is how is
that being allowed to happen. Well, a report out suggests

(00:39):
there are thirty seven businesses that have links to the UK.
It is thought that they are potentially maritime insurance firms.
Why does that matter, Well, because what it's enabling Russia
to do, if it's true, is effectively to have Russian
oil refined in another country and then bought around the world. So,

(01:02):
in other words, a loophole in the sanctions effectory effectively,
and some of the oil is being exported into the UK.
But because it's being refined the country. Then it sort
of is escaping these various sanctions. So although the government
and authority see saying, look that this cap is reducing

(01:25):
Russia's tax revenues from oil, it does appear there are
loopholes around it. We don't know the names of the
companies involved, and we do know there are some fairly
hefty sanctions fines that can be given out to companies
who break these rules, but so far no finding and
many are calling for these sanctions to be tightened up considerably.

Speaker 1 (01:48):
Given good times for people under thirty five.

Speaker 2 (01:50):
The Portugal, yeah, very much so, they are absolutely the
government in Portugal absolutely slashing the amount of tax that
they have to pay if you're under thirty five. And
it's all an attempt to try and dissuade people from
emigrating from Portugal and also encourage foreigners to settle in Portugal.

(02:13):
So this has been presented to Parliament. The center right
government of the Prime Minister is aiming to reduce income
tax for young people considerably. So those with an average
salary of just under thirty five thousand New Zealand dollars
currently paid twenty six percent rate of tax on the
money they earn over roughly, it's sort of roughly over

(02:36):
about twenty thousand New Zealand dollars twenty five thousand New
Zealand dollars. But under the government's plans, those I have
an under can earn up to fifty thousand New Zealand
dollars and will pay nothing at all in tax for
the first year. The tax bund would then progressively increase
over ten years. And this does measure. This measure does

(02:56):
apply to foreigners as well, because in recent years many
foreigners are flocked to Portugal, lured by affordable rents, mild
weather and natural beauty, but many others of the under
thirty five age bracket are leaving Portugal with low salary
in that country a major major issue, combined with rents

(03:17):
going up considerably in particularly the towns and cities of Portugal.
So this is a bold move or wait to see
if it works, wait to see if it does come in.

Speaker 1 (03:26):
Well, Kevin, we've just been talking on the show today
about the migration issues we have here in New Zealand
and trying to keep our young talented New Zealanders here
and now they're probably are just going to heat the Portugal.
So thank you for thank you for that. The Princess
of Wales has made an unexpected appearance alongside the Prince
of Wales.

Speaker 2 (03:44):
Yeah, significant step. I think it's her first official public
engagement since she finished her chemotherapy treatment. And she visited
south Pot which is in northwest England and where three
children were killed in a knife attack back in July
that we were reporting on. She met the parents of
the bereave. She also met the emergency service workers with

(04:08):
Prince William as well, and the couple respoke to those
first that devastating attack in the seaside town of Southport.
Catherine hugged some of the emergency workers with the local
far chiefs, saying that she could really see emotion in
them all, including the royals. It was planned as a

(04:28):
low key event to allow time to be spent in
private with the families. For more from Hither Duplessy Allen Drive,
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