Major mainland China indices are all in the red, as rating agency Fitch says a bond default in Russia is imminent, because of the country's financial isolation following its attack on Ukraine. Meanwhile, the Russian ruble has gained some ground, after heavy losses. The currency has fallen more than 40% against the dollar since the start of the year, making it by far the worst-performing emerging market currency this year. Analysts expect it to depreciate further, if sanctions on Russia's energy sector are expanded. US President Joe Biden has announced a ban on Russian oil and other energy imports, and the barrel of oil hit its highest price this week since mid 2008.

For more on Russia's oil exports ban, we were joined by Susannah Streeter in Bristol, UK. She is an investment analyst at Hargreaves Lansdown.

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