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Missing from the sanction is any mention of an embargo on russian oil and gas. europe actually gets something like 40% of its natural gas from russia. as it tries to phase out the use of coal, demand is higher than ever. little wonder gas prices have soared since the invasion of ukraine. it smells tough times ahead for households and businesses around europe. faisal islam explains. the economy is an important battleground here, the key weapon for the west against putin s russia and the way in which these future events will clearly affect households across the uk. you can see the impact of this invasion on the world economy in they s global markets. a barrel of crude oil already above $100 for the first time in seven years. that will filter into petrol prices which, on average, are at a record of £1.50 per litre and could push further ten or 20 p. 0n the gas markets, the ....
International price up 60%, £3.50 per therm, household energy bills already going up right now for a record. if this conflict lasts weeks or months, but could happen again in the winter. and that s not the end of it. food prices, too, stand to be affected. the conflict is likely to interrupt the supply of green from ukraine which is responsible for one eighth of world supply. wonderful grain. but the economy is also a weapon here, the windpipe before impact ordering fell on the russian currency, down to a record low against the dollar russians having to prop up the ruble using some of its war chest of over $600 billion in currency and gold reserves. the russian stock market crashed, losing up to 40% of its value as its main banks and energy giant gazprom, at one point, halved in value. but russian gas supplies including three ....