Rolling coverage of the latest economic and financial news
- Oil prices soar 10% and stocks plunge as US and Europe consider ban on Russian crude
- Russia’s economy is under siege, but will the west break first?
- Russia-Ukraine war: Zelenskiy vows to punish attack on civilians in Irpin; Russia bombards Mykolaiv – live
The UK’s Europe minister, James Cleverly, has said Britain will consider banning oil imports from Russia, after U.S. Secretary of State Antony Blinken said the United States and Europe were exploring the idea (sending crude prices surging).
Cleverly told Times Radio that:
We import very, very little Russian hydrocarbons anyway. So that’s something that we will of course, consider.
Mohamed El-Erian, chief economist at the insurer Allianz, said that it appeared likely that the new sanctions would be imposed given the continued bombardment of Ukrainian cities.
“It’s hard to see such sanctions not being imposed given the atrocities being committed against Ukraine,” he said on Twitter.
