The US measures, unveiled yesterday, are seen as particularly damaging and focus on energy giants Rosneft and Novatek, as well as banks Gazprombank and VEB, by restricting their ability to raise money in American markets.
Shares in Roseneft - in which FTSE 100 oil major BP owns a near-20pc stake – dropped as much as 6.2pc. BP drifted 1pc lower in early trade in London.
“People are scared because they don’t know the full impact sanctions will have on the businesses of Rosneft and Novatek,” Moscow-based Allianz Investments fund manager Oleg Popov told Bloomberg.
In London, the FTSE 100 slid 25 points, or 0.4pc, to 6,758, with worries about China weighing on market sentiment.
Huatong Road & Bridge Group, a building company, is at risk of becoming the first Chinese company to default on the principal and interest payments of a bond, raising fears about the country’s credit and construction markets.
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