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Oil soars past $100 after Russia orders troops into Ukraine | Oil soars past $100 after Russia orders troops into Ukraine |
(32 minutes later) | |
Oil prices have surged past $100 (£74) a barrel after Russian President Vladimir Putin launched a "special military operation" in the eastern Donbas region of Ukraine. | Oil prices have surged past $100 (£74) a barrel after Russian President Vladimir Putin launched a "special military operation" in the eastern Donbas region of Ukraine. |
The price of Brent crude hit $102.30 a barrel at one point, the highest level for more than seven years. | The price of Brent crude hit $102.30 a barrel at one point, the highest level for more than seven years. |
Russia is the second biggest exporter of crude oil, and is also the world's largest natural gas exporter. | Russia is the second biggest exporter of crude oil, and is also the world's largest natural gas exporter. |
Stock markets fell, with the UK's FTSE 100 index opening down more than 2.6%. | |
Earlier, stocks in Asia and had fallen sharply, while the Moscow Exchange suspended trading shortly after the rouble plunged to its lowest since early 2016. | |
The price of gold - which is considered a haven asset in times of uncertainty - rose 2%. | The price of gold - which is considered a haven asset in times of uncertainty - rose 2%. |
Russia launches military operation in Ukraine | Russia launches military operation in Ukraine |
What sanctions are being imposed on Russia? | What sanctions are being imposed on Russia? |
Tina Teng, an analyst at CMC Markets, said: "We could see [oil] prices keeping the momentum." | Tina Teng, an analyst at CMC Markets, said: "We could see [oil] prices keeping the momentum." |
Most of the oil and gas that the UK imports does not come from Russia, but it would nonetheless be affected by a rise in global prices. | Most of the oil and gas that the UK imports does not come from Russia, but it would nonetheless be affected by a rise in global prices. |
Sanctions moves | |
In response to Russia's military action, European Union leaders said they would put more sanctions in place on Russia. | In response to Russia's military action, European Union leaders said they would put more sanctions in place on Russia. |
The European Council said it would "impose massive and severe consequences on Russia for its actions". | The European Council said it would "impose massive and severe consequences on Russia for its actions". |
The US and EU had already imposed a series of sanctions in response to Mr Putin's actions against Ukraine. | The US and EU had already imposed a series of sanctions in response to Mr Putin's actions against Ukraine. |
The UK has frozen the assets of five banks and three Russian billionaires, who have also been hit with travel bans. | The UK has frozen the assets of five banks and three Russian billionaires, who have also been hit with travel bans. |
On Tuesday, Boris Johnson said these sanctions were a "first barrage" and could be extended. | On Tuesday, Boris Johnson said these sanctions were a "first barrage" and could be extended. |
However, Yeap Jun Rong, a market strategist at IG, said: "The moves by Russia suggest economic sanctions are not having any significant impact in holding off aggression. | However, Yeap Jun Rong, a market strategist at IG, said: "The moves by Russia suggest economic sanctions are not having any significant impact in holding off aggression. |
"With retaliation measures coming from Western powers soon, it seems that the situation may show no signs of easing," he added. | "With retaliation measures coming from Western powers soon, it seems that the situation may show no signs of easing," he added. |
The US increased also increased pressure on Russia on Wednesday by imposing penalties on the Russian firm behind the Nord Stream 2 gas pipeline and its corporate officers. | The US increased also increased pressure on Russia on Wednesday by imposing penalties on the Russian firm behind the Nord Stream 2 gas pipeline and its corporate officers. |
Nord Stream 2 is a 1,200km pipeline under the Baltic Sea, which is designed to take gas from the Russian coast near St Petersburg to Lubmin in Germany. | Nord Stream 2 is a 1,200km pipeline under the Baltic Sea, which is designed to take gas from the Russian coast near St Petersburg to Lubmin in Germany. |
On Tuesday, Germany froze final approval for the pipeline, which has been built but is not in operation. | On Tuesday, Germany froze final approval for the pipeline, which has been built but is not in operation. |
You may also be interested in: | You may also be interested in: |
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Watch: US announces full-blocking sanctions on Russia | Watch: US announces full-blocking sanctions on Russia |