The Financial Times leads on the news that Russian firms are earning far more from selling crude oil than originally believed due to the inflated cost of shipping which may have boosted revenue by as much as $1bn (£790m) in a single quarter.

The front page also reports the demand for pawnbroking has hit “record levels” because of high inflation, reports the Financial Times. It says people are turning to pawnbrokers to borrow against assets such as jewellery and watches, as options for short-term loans shrink.