Wholesale gas prices rose the most in two years yesterday as markets reacted to the crisis in Ukraine.
Fears that supplies to western Europe could be affected saw the price surge by 10 per cent at one point.
The cost of crude oil also rose – driven by fears that Russia, which is a major producer, might be hit by trade sanctions.
This morning a Kremlin aide said that if the United States were to impose sanctions on Russia over Ukraine, Moscow might be forced to drop the dollar as a reserve currency and refuse to pay off loans to U.S. banks.
Sergei Glazyev, an adviser to the Kremlin who is often used by the authorities to stake out a hardline stance but does not make policy, added that if Washington froze the accounts of Russian businesses and individuals, Moscow would recommend that all holders of U.S. treasuries sell them.