Oil price jumps as high as $113; natural gas prices spike to record highs – business live

• European shares turn positive, while rouble drops 8% and Moscow stock exchange stays shut for third day
• Natural gas prices spike nearly 40%
• Opec cartel and allies stick to modest output rise at 15-minute meeting
• DfT: Russia can still send oil and gas to UK despite port ban
• Sberbank shares collapse 95% in London
• Eurozone inflation hits record high of 5.8% in February
• Ukraine live updates
• Russia - who is on the sanctions lists - at a glance

Here is our full story on Sberbank, Russia's biggest lender, pulling out of Europe after a run on deposits and an order by the European Central Bank to close its European arm.

The bank said in a statement that its European subsidiaries had faced abnormal cash outflows", meaning it could no longer supply them with liquidity, reports my colleague Joanna Partridge. However, Sberbank said it had sufficient capital to be able to make payments to all of its depositors.

The World Bank and the IMF are also working together to assess the economic and financial impact of the conflict and refugees on other countries in the region and the world. We stand ready to provide enhanced policy, technical, and financial support to neighbouring countries as needed.

Coordinated international action will be crucial to mitigate risks and navigate the treacherous period ahead. This crisis affects the lives and livelihoods of people around the world, and we offer them our full support.