BP, the biggest foreign investor in Russia, said it was abandoning its stake in state oil company Rosneft at a cost of up to $25 billion, shrinking its oil and gas reserves in half. US-based United Parcel Service Inc and FedEx Corp, two of the world's largest logistics companies, have said they are halting delivery service to Russia and Ukraine. Even neutral Switzerland will likely follow the European Union in sanctioning Russia and freezing Russian assets, its president said on Sunday. Read full storyRussians queued at ATMs over the weekend worried that the new sanctions will trigger cash shortages and disrupt payments. Tech companies have also been affected with chipmaker Dell Technologies Inc suspending sales in Ukraine and Russia after US restrictions on exports of computers, sensors and other hi-tech equipment was announced.

Source: bd News24 February 28, 2022 05:26 UTC