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European leaders are in Brussels discussing further economic sanctions beyond travel bans and asset freezes on individuals. Angela Merkel told German MPs that the G8, which includes Russia, "doesn't exist anymore"

It is obvious long as the political context for such an important format like the G8 does not apply, as is the case at the moment, the G8 doesn't exist anymore

This has weighed heavily on the Russian markets this morning. The main Micex exchange is down 3.4pc, with other markets also down.

Meanwhile, two ratings agencies - Fitch and Standard & Poor's have revised their outlooks on Russia's credit rating from "stable" to "negative". Fitch said:

Since US and EU banks and investors may well be reluctant to lend to Russia under the current circumstances, the economy may slow further and the private sector may require official support

Today's business stories

07.45 Here's what's leading our business pages this morning

• Szu Ping Chan reports on yesterday's Budget audit from the Institute for Fiscal Studies, which said business-friendly measures did not go far enough .

• Alan Tovey writes that the defence giant BAE Systems has become the latest major UK company to warn over the risks of Scottish independence .

• Meanwhile, Katherine Rushton argues that BP may have been better fighting off the Gulf of Mexico claims .

Here's the front page of today's Business section:

Good morning

07.30 Good morning and welcome to our daily business and markets live blog, your one stop shop for all the breaking business stories of the day.

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