Out of Office: Stocks down, oil prices up as Western sanctions squeeze Russia

European stocks fell again as countries in the West continued to ramp up sanctions against Russia in response to its invasion of Ukraine. Shares in London were down 1.3 per cent earlier today, while the Paris market fell 2.8 per cent and the Frankfurt Dax showed a slip of 2.2 per cent. On the Irish market, AIB, Bank of Ireland and Ryanair took losses as shares fell 0.8 per cent.

Many of the world’s biggest companies – including BP and HSBC – signalled their intention to exit the Russian market, leaving the country’s economy reeling and the ruble down by as much as 30 per cent. Russian planes can no longer travel into much Western airspace, and some of its banks have been shut out of the Swift global financial network. BP, Russia’s biggest foreign investor, announced at the weekend that it was abandoning its 20 per cent stake in Rosneft, a state-controlled firm, in a move that cost the business up to $25 billion.