BUSINESS LIVE: British investor quits Evraz board; Oil nears $120

UK stocks are suffering heavy losses today as the Ukraine war intensifies, with the FTSE 100 on course for its biggest weekly decline in over a year.

The FTSE 100 was down 2.8 per cent in late morning trading, with financials leading losses as shares in the likes of HSBC, Prudential, Lloyds Banking Group and Barclays took a hit. 

A City veteran has stepped down from the board of Roman Abramovich-backed Russian steelmaker Evraz, which has been at the centre of the fallout on the London market since the Ukraine invasion.

James Rutherford, who was previously senior vice president with Capital Group, told the board on Thursday he would be stepping down with immediate effect but no reason for his departure was given.

British mutual Royal London saw operating profits surge to £133million in 2021, up from £41million the year before, as new inflows into its funds business jumped from £3.9billion to £5.3billion.

The firm attributed £9.4billion of new business sales to strong growth in its workplace pensions business, which recovered to near pre-pandemic levels.

Oil soared towards $120 a barrel yesterday and the rouble crashed to an all-time low as war in Ukraine continued to send shockwaves through financial markets.

As Russia stepped up the assault on its neighbour, Brent crude rose to $119.84, a level last seen in 2012, before falling back.

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