Already struggling with rising living costs, Europeans now face an even deeper hit to their livelihoods as the conflict in Ukraine pushes fuel and food prices higher and threatens to underminze a fragile economic recovery.

Crude prices surged Tuesday as the US banned Russian oil imports, while nickel prices rocketed to a record peak on Russian supply fears.

An enabling environment for women entrepreneurs in cottage, micro, small and medium enterprises (CMSMEs) is essential for ensuring sustainable progress in Bangladesh’s economic development, according to various experts.

The possibility that the United States might ban Russian oil imports has triggered a surge in Brent crude to almost $140 a barrel, its highest level since 2008.

A Western ban on Russian oil imports may more than double the price to $300 a barrel and prompt the closure of the main gas pipeline to Germany, Moscow warned on Monday, as talks on Ukraine hardly advanced amid efforts to agree on civilian safe passage.

Uniqlo owner Fast Retailing will keep its stores in Russia open, joining a small group of international firms that have stayed put even as dozens of big brands pause operations or exit the country over its invasion of Ukraine.

Chicago wheat futures rose by more than 6 per cent on Monday to 14-year highs on concern global supplies will be disrupted until the Russia-Ukraine conflict is resolved.

Russia’s rouble tumbled to a fresh record low in thin offshore trade on Monday, with local markets closed for trading until at least Wednesday.

Oil prices spiked to their highest levels since 2008 yesterday amid  market supply fears as the United States and European allies considered  banning Russian oil imports and prospects for a swift return of Iranian  crude to global markets receded.

Black market fears, problems with online payments and the looming spectre of inflation -- Russian officials are scrambling to deal with the effects of sanctions imposed on Russia over its military intervention in Ukraine.

Incoming orders to German industry increased again in January, official figures published Monday showed, as the government warned of economic disruption from the war in Ukraine.

Russia’s central bank announced Sunday it was allowing lenders in the country to reduce the frequency of their financial disclosures, a measure it said was necessary to mitigate sanctions fallout.

Retailers in Russia will limit sales of essential foodstuffs to limit black market speculation and ensure affordability, the government said Sunday, as sanctions imposed over Moscow’s military incursion into Ukraine began to bite.

Russia and Ukraine-bound exports, especially garments, are now faced with an uncertain future as shipping lines are understandably not too eager to carry goods to war zones.

World food prices hit a record high in February, led by a surge in vegetable oils and dairy products, to post a 24.1  per cent increase year-on-year, the UN food agency said on Friday.

Samsung Electronics has suspended shipments to Russia over “geopolitical developments”, the firm said Saturday, as major firms including Apple cut ties with the country over its invasion of Ukraine.

Major investors, including hedge fund Man Group and British asset manager abrdn, said on Tuesday they were cutting their positions in Russia in the wake of the country’s invasion of Ukraine.

Luxury carmaker Jaguar Land Rover (JLR) on Tuesday paused the delivery of vehicles to Russia, saying the current global situation had presented it with trading challenges.

TotalEnergies condemned what it called Moscow’s military aggression in Ukraine but stopped short on Tuesday of joining rivals Shell and BP in planning to exit positions in resource-rich Russia.

Energy giants BP and Shell, global bank HSBC and the world’s biggest aircraft leasing firm AerCap joined a growing list of companies looking to exit Russia on Monday, as Western sanctions tightened the screws on Moscow over its invasion of Ukraine.