Your commercial news round-up: Russia imports, Uniqlo, Russian oligarch, Adidas v Fashion Nova

Reading time: three minutes

Most newspaper front pages worldwide are dominated by refugees fleeing Ukraine, fuel prices increasing and finding out who the mega-rich Russians facing sanctions are. But there is alternative news you should also keep up with.

Here are some of the stories to keep an eye on today.

• The UK and US plan to ban all imports of Russian oil, gas and energy by 2023 in a move to “isolate the Putin regime.” This means Russian oil will no longer be acceptable at UK and US ports. Analysts have warned the UK government of a “difficult and expensive transition that could push Britain into recession” but the government remains optimistic in quickly replacing Russian oil supplies by other suppliers. Last week we reported that the invasion of Ukraine has prompted oil giants to pull out of Russia.
   
• Last week we reported the likes of Apple, Nike and other brands halting product sales in Russia to stand in solidarity with those “suffering as a result of the violence”. However, Japanese retail giant Uniqlo has confirmed it has no plans as of now to “suspend its Russian operation, where it trades from 49 stores.” Since Putin invaded Russia, companies have pulled out in a unified stance to isolate Russia and show their support to Ukraine. According to the Retail Gazette, “Fast Retailing president Tadashi Yanai said the conflict should not deprive people in Russia of clothing, which he said was a basic human need.” Many have warned Uniqlo of the “reputational damage at stake” if it continues to trade in Russia.
   
• In the same vein, BCL Solicitors LLP has been named one of the London law firms who sent letters to Foreign Office on behalf of the Russian oligarch, according to CITY A.M. This letter was sent on behalf of Russo-Uzbeki mining billionaire Alisher Usmanov, seeking to challenge the government’s sanctions regime. The Conservative party uncovered this following the German authorities’ seizure of Usmanov’s £455 million yacht leading to US and EU sanctions. Amid Russian’s invasion of Ukraine, law firms are being cautious about their stance on this sensitive issue, especially because many have profited from Russian clients. Last week we reported that some firms have stopped taking on new clients linked to the Russian state, while “terminating any work on existing matters relating to Russian clients.”
   
• Adidas has entered an ongoing trademark battle with Fashion Nova over Stan Smith shoes. Adidas is accusing the fast fashion company of trade dress infringement, unfair competition, and unfair and deceptive trade practices, over the famous three-stripe mark of its sneaker. Adidas argues that Fashion Nova was aware its consumers might mistake its shoes for the Adidas Stan Smith but opted to produce and sell them anyway. This isn’t the first Stan Smith war, six years ago they fought with Sketchers over the “skecherizing” of the Stan Smith shoe.

Check the News every Thursday for this weekly commercial news round-up.

Follow LawCareers.Net on Twitter, LinkedIn and Instagram for regular business news updates.