Oil surges 20pc as US mulls ban on Russian crude – live updates

Oil surges 20pc as US mulls ban on Russian crude – live updates

T he FTSE 100 has started the week firmly in the red as investors grew increasingly worried about the impact of the Ukraine war on the global economy. The blue-chip index dropped 0.8pc at the open to 6,929 points after oil surged as high as $139. F ormer Tory energy minister Lord Barker has resigned as chairman of Russian aluminium giant EN+ amid a mounting backlash over his position. EN+, which is part owned by oligarch Oleg Deripaska, said Lord Barker's departure would take effect following a "short period" as he helps to hand over to a new chairman. The Tory peer had refused to give up his role in the company, saying he had a “real responsibility” for thousands of workers on the ground in Ukraine and would not “walk away when there is fighting just miles from our plant here”. Separately, EN+, which was suspended from the London Stock Exchange last week, confirmed it was exploring a carve-out of its listed subsidiary Rusal. Read more on this story: Former energy minister clings on at company backed by sanctioned Russian oligarch T he UK will consider banning oil imports from Russia after the US said it was in discussions