Oil prices: London stock exchange suspends 27 Russian listings as petrol prices soar - as it happened

Price of fuel shoots up as oil price continues to climb amid Putin’s war with Ukraine

UK petrol hits record high over Russia-Ukraine war

The London Stock Exchange said it has suspended trading 28 companies linked to Russia including gas giant Gazprom and the country’s second biggest lender Sberbank.

The LSE halted transactions in the shares with immediate effect on Thursday morning after prices plummeted following sanctions imposed in response to Russia’s invasion of Ukraine.

Meanwhile, UK petrol prices hit a new high of 151.67p per litre amid Vladimir Putin's war with Ukraine.

As the conflict entered its second week, the price of oil soared and Brent crude - the benchmark - had the cost of a barrel at nearly $115 per barrel earlier on Thursday - the highest level in years.

This is in turn affecting the cost of petrol in the UK, which hit new highs on Wednesday.

Meanwhile, the UK is on course to spend £6.3m per day on imports of Russian gas, potentially helping to fund the war in Ukraine, according to new analysis.

Around 4 per cent of the UK's gas demand is covered by Russian imports. At current high prices, that equates to £2.3bn in a year, The Energy and Climate Intelligence Unit calculated.

Key Points

• Price of oil hits $114 a barrel
• UK petrol prices rise to new high of 151.67p per litre
• UK spending £6.3m per day on imports of Russian gas
• London Stock Exchange suspends 27 Russian listings

[3 March 2022 14:37 · Matt Mathers]

Toyota and other car markers halt Russia operations

Toyota is halting production at its St. Petersburg plant that makes RAV4 and Camry models starting Friday because of supply chain disruptions, saying it was watching events “with great concern for the safety of the people of Ukraine.”

Mercedes-Benz suspended vehicle exports to Russia and manufacturing there.

Volkswagen Group, which also owns Porsche and Audi, did the same, saying it believes a “sustainable solution to the conflict can only be found on the basis of international law.”

Volvo Cars said it stopped deliveries because of “potential risks associated with trading material with Russia,” citing Western sanctions. Ford suspended operations.Harley-Davidson halted motorcycle shipments to Russia, saying its thoughts “continue for the safety of the people of Ukraine.”

Putin famously rode a three-wheeled Harley on a visit to Ukraine in 2010.Others with more at stake in Russia might find it harder to navigate the crisis.