Business

Russia's Deputy Prime Minister Alexander Novak has said Moscow could cut off the flow of natural gas through the Nord Stream 1 pipeline, which links the country to Germany, in retaliation for sanctions imposed on its economy over the invasion of Ukraine. This latest threat comes as the United States is considering banning purchases of Russian oil. Novak warned that such a move could push prices as high as $300 a barrel. In early trading on Tuesday, the international benchmark Brent crude was trading at around $125.

Russia's Deputy Prime Minister Alexander Novak has said Moscow could cut off the flow of natural gas through the Nord Stream 1 pipeline, which links the country to Germany, in retaliation for sanctions imposed on its economy over the invasion of Ukraine. This latest threat comes as the United States is considering banning purchases of Russian oil. Novak warned that such a move could push prices as high as $300 a barrel. In early trading on Tuesday, the international benchmark Brent crude was trading at around $125.

Russia's Deputy Prime Minister Alexander Novak has said Moscow could cut off the flow of natural gas through the Nord Stream 1 pipeline, which links the country to Germany, in retaliation for sanctions imposed on its economy over the invasion of Ukraine. This latest threat comes as the United States is considering banning purchases of Russian oil. Novak warned that such a move could push prices as high as $300 a barrel. In early trading on Tuesday, the international benchmark Brent crude was trading at around $125.

Russia's Deputy Prime Minister Alexander Novak has said Moscow could cut off the flow of natural gas through the Nord Stream 1 pipeline, which links the country to Germany, in retaliation for sanctions imposed on its economy over the invasion of Ukraine. This latest threat comes as the United States is considering banning purchases of Russian oil. Novak warned that such a move could push prices as high as $300 a barrel. In early trading on Tuesday, the international benchmark Brent crude was trading at around $125.

Crude oil futures touched 13-year highs on Monday as the US and UK signalled a willingness to include the previously untouched Russian energy sector in sanctions. Meanwhile, more US firms and Chinese social media giant TikTok are suspending Russian operations, and new UK laws to sanction Russian oligarchs could mean big changes for London's luxury real estate market.

Russia's wealthiest men have lost some $80 billion in wealth since Vladimir Putin launched his war on Ukraine. This may be only the beginning, as Western powers seek to identify and seize their hidden assets. Also, markets tumble amid fears of intense fighting around Europe's largest nuclear plant, located in the south of Ukraine, and spiking commodity prices threaten already battered supply chains.

Shipments of Russian natural gas through the Yamal Pipeline have sharply declined, a week after Russian troops invaded Ukraine. Gazprom insists it's fulfilling all of its European contracts, but the data has underscored the EU's dependence on Russian energy imports. European Commission President Ursula von der Leyen says ending that reliance is now a priority. Also in the show: the Russian rouble falls to a new record low, and Western companies continue to cut ties with Moscow.

One week after Russia's invasion of Ukraine, US enterprise software giant Oracle has suspended its Russian operations, while Amazon is pledging logistical and cybersecurity support for Ukraine. Meanwhile, Russia's sovereign credit rating has been slashed to junk status by two major ratings agencies and the Moscow Stock Exchange is closed for a fourth consecutive day. We also take a closer look at how the US and EU are working on measures to make sure cryptocurrencies are not used to circumvent sanctions on Russia.

As aggressive sanctions hit Russia over the war in Ukraine, a growing number of Western firms are cutting ties with the country. While ordinary Russians stand to be hit hard, the EU has also imposed more targeted measures at business elites. We take a closer look.

Russia's top banks, technology and aerospace industries, and debt markets are targeted by the United States, Britain and the European Union in response to the invastion of Ukraine. But the West remains divided on excluding Russia from the SWIFT interbank transfer system.