Business

The impact of Vladimir Putin’s war on Ukraine on oil and gas prices is now very apparent. The price of Brent crude surged to $119.84 a barrel on Thursday – a level last seen on 1 May 2012 – while the price of wholesale gas remains close to the record highs it hit just before

Chelsea owner Roman Abramovich said he will sell the club – with the “net proceeds” of the sale going to benefit victims of the war in Ukraine. The Russian billionaire, who took over in 2003, said money generated from his sale of the club will go to a foundation benefiting “all victims of the war

The cost of Brent crude oil and natural gas have surged sharply as markets eye the chance of crucial Russian supplies being cut off – either through tighter Western sanctions or by a defiant President Vladimir Putin. As UK households already fret over wide-ranging hikes to bills, with a leap of almost £700 in the

Shop prices rose at their fastest rate in over a decade last month, new figures show. Retail price annual inflation accelerated to 1.8% in February, up from 1.5% in January – the highest rate of inflation since November 2011, according to the BRC-NielsenIQ Shop Price Index. Rapidly rising food prices, particularly for fresh produce –

British Gas owner Centrica says it is planning to cancel its contracts with Russian gas suppliers, including Gazprom, as a matter of “urgency”. The company is attempting to do this voluntarily, as it is not required to end its agreements as part of any sanctions regime – making it an outlier as other energy companies

Homes that are less energy efficient could cost hundreds of pounds more to heat after the energy price cap rises next month, according to new research. People living in homes with an E-rating or worse on their energy performance certificate (EPC) could see their annual heating bills rise by at least £320 more than those

Oil titan Shell has announced that it will exit all of its joint ventures with Gazprom, an energy company controlled by the Russian state, following BP’s decision to pull out of the country yesterday. “We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression

The value of Russia’s currency has plunged to an all-time low after Western nations imposed new sanctions on the country for its invasion of Ukraine. The rouble was down nearly 30% against the US dollar at one point, dropping as low as 119 per dollar in early Asian trading, passing its previous low of 90

BP is to offload its 19.75% stake in state-owned Russian oil giant Rosneft “with immediate effect” following the invasion of Ukraine. The firm’s chief executive Bernard Looney is also resigning from Rosneft’s board along with its other Rosneft director Bob Dudley, it said in a statement. The statement said Russia’s invasion of Ukraine “caused us

Western allies have agreed to remove selected Russian banks from the SWIFT global financial messaging system. In a joint statement, leader of the European Union, UK, US, and Canada, said the move was in response to Vladimir Putin’s decision to invade Ukraine late last week. The group said: “We stand with the Ukrainian government and

McColl’s Retail Group, one of Britain’s biggest convenience store chains, is racing to secure new funding to stave off a collapse that could put thousands of jobs at risk. Sky News has learnt that McColl’s is working with advisers on attempts to find a buyer or third parties willing to inject fresh capital into the

British Airways has suffered a major outage, causing several flights to be cancelled and leaving passengers stuck on planes after landing at Heathrow. The airline’s website and app were down for hours on Friday evening, leaving customers unable to check in online or book flights. The airline confirmed that the outage was not due to

Asian shares have rallied slightly driven by a US rebound as some analysts said the sanctions imposed by the West against Russia over the invasion of Ukraine were not as strong as markets had feared. Global share prices plummeted sharply on Thursday after Vladimir Putin unleashed a military assault on the neighbouring country. While the

A surge in wholesale gas prices after Russia launched its invasion of Ukraine could see annual energy bills soar above £3,000 for millions of households, an analyst has warned. Bills are already set to climb by a typical £693 to £1,971 in April after regulator Ofgem announced the latest increase in the cap earlier this

Cutting Russia off from the SWIFT global payments system would be one of the toughest sanctions the West could impose. But it would also involve pain for foreign banks and other creditors that do business with the country. The system, which has its headquarters in Belgium, is used by more than 11,000 financial institutions in

The full scale invasion of Ukraine by Russia has sparked a rush for safe haven assets and sent the cost of Brent crude oil above $100 a barrel for the first time since September 2014. Fears of a wider conflict, additional sanctions and higher inflation arising from president Putin’s order to attack prompted a rush

The governor of the Bank of England has warned that large wage rises and price-setting to reflect surging inflation risk embedding rising costs in the economy, resulting in “slow activity and increased unemployment”. Andrew Bailey told the Treasury committee of MPs that the so-called second round effects of the energy-led rise in living costs were

Barclays is to freeze millions of pounds in share awards to its former chief executive as he contests the findings of a regulatory probe into his relationship with Jeffrey Epstein. Sky News has learnt that the British bank’s board has decided not to allow a chunk of shares granted to Mr Staley several years ago

Stock markets are plunging and Brent crude oil costs are nearing $100 a barrel as the crisis over Ukraine deteriorates. Brent, the international benchmark, was trading above $97 – its highest level since 2014 – and market experts said there would be an inevitable spike to above $100 in the event of a full invasion

Nearly 40% of all board positions at the UK’s top companies are now held by women, up from 12.5% a decade ago, new government data shows. The UK has now progressed from fifth to second in the international rankings at FTSE 100 level, which groups the country’s top 100 public companies, leapfrogging countries such as