Business

Facebook and Instagram are blocking RT and Sputnik for users in the UK following a request by the British government. It follows a letter by Culture Secretary Nadine Dorries in which she urged Meta, TikTok, and Twitter to restrict access to the Russian state-owned organisations which she accused of spreading “damaging propaganda into Britain”. “I

Microsoft has announced that it is suspending all new sales of its products and services in Russia. In a blog post on Friday, the company said: “Like the rest of the world, we are horrified, angered and saddened by the images and news coming from the war in Ukraine and condemn this unjustified, unprovoked and

Russia’s former deputy prime minister and a billionaire who previously held a major stake in football club Arsenal have become the latest oligarchs to be sanctioned by the UK, the Foreign Office said. Foreign Secretary Liz Truss said Alisher Usmanov, who owned more than 30% of Arsenal before selling up to current owner Stan Kroenke,

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

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

Russia’s war on Ukraine has sparked many extraordinary developments, among them the sanctions unleashed by the west on Moscow, which have been far more extensive and more rapidly mobilised than anyone could have been expected. Another is the changes it is bringing about in the energy policies of many European countries. Chief among them is

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

as many as 2,000 Sainsbury’s workers could lose their jobs as 200 instore cafes are set to close, the supermarket giant has said. It comes as part of a wider shake up by the retailer to cut back on costs and transform its dining, takeaway and home delivery services. Staff at 200 instore cafes were

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

Plans to tackle the flow of “dirty money” and stop the laundering of ill-gotten wealth in the UK property market will be fast-tracked by the government. The move, first reported on Saturday by Sky News political correspondent Tamara Cohen, comes just days after Russia’s President Vladimir Putin ordered the invasion of Ukraine. The Economic Crime

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

After the damp squib that was the modest package of sanctions unveiled by Boris Johnson on Tuesday, this evening’s latest salvo certainly had a bit more weight. The intention to impose an asset freeze on Russian banks, including the country’s second largest lender VTB, is meaningful. VTB, along with its largest rival Sberbank, is a

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