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Monday, June 27, 2022

Oil price rises above $100, global stock markets plunge as Russia invades Ukraine – business live | Business




09:32

European banking shares fall sharply




09:18

Our economics editor Larry Elliott has looked at why a swift economic victory against Russia looks unlikely (he wrote this yesterday, before Russia’s invasion of Ukraine).

Be ready for a long haul. That was the subtext of Boris Johnson’s message to MPs as he committed to toughening up sanctions against Russia.

The warning to prepare for a “protracted struggle” was both timely and appropriate. There will be no quick knockout blow because Vladimir Putin has had time to prepare and is well dug-in.

On the face of it, it should be an unequal fight. Russia is the world’s biggest landmass but has annual output smaller than Italy’s. Income a head is about a quarter of that in the UK.

Russia’s economy has gone through distinct phases since the collapse of the Soviet Union in the early 1990s: an initial shock treatment that resulted in a savage recession and culminated in a financial crisis in 1998; a strong recovery in the first decade of the 21st century on the back of booming oil and gas exports; and a recent period of stagnation as the failure to diversify the economy took its toll.




09:03

London-listed Russian companies plummet

Updated




08:58

Gas and oil prices surge




08:44




08:23

European gas prices jump 40%

Updated




08:16

Aluminium prices hit record high




08:09

European shares tumble at the open

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07:58

Bank of Russia to intervene to prop up rouble for first time since 2014

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07:46




07:42




07:39

Gold and palladium prices surge

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07:29

Introduction: Markets in turmoil as Russia invades Ukraine

Updated

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