Business

The two British board members of Huawei’s UK subsidiary are to resign over the Chinese telecoms giant’s refusal to condemn Russia’s invasion of Ukraine. Sky News has learnt that Sir Andrew Cahn and Sir Ken Olisa notified the company on Wednesday that they intend to step down from their positions as non-executive directors. City sources

Boris Johnson has announced he will set out an Energy Independence Plan in the “course of the next few days” as April price hike looms. At Prime Minister’s Questions, Mr Johnson said his government “need to meet the long term impact of the energy price spike”. The announcement came as the prime minister was pressed

Shell has revealed further plans to turn its back on Russia over the invasion of Ukraine by saying it will stop “all involvement” with the country’s oil, gas and other hydrocarbon products. The UK-based oil and gas giant’s chief executive announced the decision after a backlash over a Russian oil deal last week as sanctions

British taxpayers are facing a bill for the rescue of Bulb, the collapsed energy company, that could hit £3bn or more after Russia’s war with Ukraine sent wholesale gas prices surging to unprecedented highs. Sky News has learnt that industry executives and government officials now expect Bulb’s special administrator to request hundreds of millions of

The cost of Brent crude oil has surged by 10% to its highest level since 2008 after the United States said a ban on Russian crude imports was being considered as a further sanction following president Putin’s invasion of Ukraine. The international oil benchmark hit $130 a barrel early on Monday – with its US

PricewatwerhouseCoopers (PwC) is to cut its Russian firm adrift from its global network in arguably the most significant exit so far by a multinational company since the Putin government’s decision to invade Ukraine. Sky News has learnt that PwC, one of the world’s big four accountancy firms, will announce publicly on Monday that it is

Visa and Mastercard have announced they are suspending operations in Russia. Credit and debit cards issued by Russian banks will no longer work outside of the country. Russian businesses and cash machines will also be unable to accept cards issued abroad. Both companies handle 90% of all debit and credit card payments outside of China

A pack of suitors from international sport, property and finance are this weekend exploring bids to take control of Chelsea Football Club from the Russian-Israeli billionaire Roman Abramovich. Sky News has learnt that the owners of the Chicago Cubs Major League Baseball (MLB) team have begun considering an offer for the West London club, and

Facebook and Instagram are blocking RT and Sputnik for users in the UK following a request by the British government. It follows a letter by Culture Secretary Nadine Dorries in which she urged Meta, TikTok, and Twitter to restrict access to the Russian state-owned organisations which she accused of spreading “damaging propaganda into Britain”. “I

Microsoft has announced that it is suspending all new sales of its products and services in Russia. In a blog post on Friday, the company said: “Like the rest of the world, we are horrified, angered and saddened by the images and news coming from the war in Ukraine and condemn this unjustified, unprovoked and

Airbnb has said it will suspend all operations in Russia and Belarus following the invasion of neighbouring Ukraine last week. Russia currently has 90,000 active short-term rentals available on Airbnb, according to market research firm AirDNA. Brian Chesky, the company’s chief executive and founder, said earlier this week that the company would house 100,000 Ukrainians

Russia’s former deputy prime minister and a billionaire who previously held a major stake in football club Arsenal have become the latest oligarchs to be sanctioned by the UK, the Foreign Office said. Foreign Secretary Liz Truss said Alisher Usmanov, who owned more than 30% of Arsenal before selling up to current owner Stan Kroenke,

France has seized the vessel of Igor Sechin, a long-time ally of Vladimir Putin and the boss of Rosneft, one of the largest oil companies in Russia. The Amore Vero, an 86m luxury megayacht built in 2013, was seized by French authorities on Thursday morning in the dockyard of La Ciotat, a port on the

The cost of Brent crude oil and natural gas have surged sharply as markets eye the chance of crucial Russian supplies being cut off – either through tighter Western sanctions or by a defiant President Vladimir Putin. As UK households already fret over wide-ranging hikes to bills, with a leap of almost £700 in the

Most airlines will find the coming year “very difficult”, according to the boss of Ryanair, after the price of oil shot above $100 following Russia’s invasion of Ukraine.   Chief executive Michael O’Leary told Sky News that Ryanair was well prepared for higher oil prices, but said “I think it’s going to be very difficult for

British Gas owner Centrica says it is planning to cancel its contracts with Russian gas suppliers, including Gazprom, as a matter of “urgency”. The company is attempting to do this voluntarily, as it is not required to end its agreements as part of any sanctions regime – making it an outlier as other energy companies

Two Russian billionaires hit back at EU sanctions on Tuesday morning, promising to fight the “spurious and unfounded” allegations that they are both members of President Vladimir Putin’s inner circle. Mikhail Fridman and Petr Aven were named in a list of oligarchs sanctioned by Brussels on Monday over Russia’s invasion of Ukraine. The pair have

Oil titan Shell has announced that it will exit all of its joint ventures with Gazprom, an energy company controlled by the Russian state, following BP’s decision to pull out of the country yesterday. “We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression

The value of Russia’s currency has plunged to an all-time low after Western nations imposed new sanctions on the country for its invasion of Ukraine. The rouble was down nearly 30% against the US dollar at one point, dropping as low as 119 per dollar in early Asian trading, passing its previous low of 90

BP is to offload its 19.75% stake in state-owned Russian oil giant Rosneft “with immediate effect” following the invasion of Ukraine. The firm’s chief executive Bernard Looney is also resigning from Rosneft’s board along with its other Rosneft director Bob Dudley, it said in a statement. The statement said Russia’s invasion of Ukraine “caused us