Russia has said it could shut down the main gas pipeline to Germany if the West goes ahead with its ban on Russian oil.

The EU gets about 40% of its natural gas and 30% of its oil from Russia, and there are no easy alternatives if supplies are disrupted.

While the UK will not be directly affected by supply disruptions as it imports less than 5% of gas from Russia, it will be affected by higher prices in the global market as European demand increases.

Iain Conn, former boss of British gas company Centrica, said gas was "less free to trade" than oil and that if supplies were affected, it would be "more difficult" to replace Russian gas because it was produced through Fixed pipeline transportation.

Ukraine has pleaded with the West to impose a ban on oil and gas, but there are fears it will send prices soaring. Investor worries about the embargo pushed Brent crude as high as $139 (£106) a barrel on Monday - its highest level in nearly 14 years.

Brent crude oil prices rose modestly in the second week of March, rising 3% to $121 a barrel.

Meanwhile, wholesale gas prices rose to 565p/thermal after opening from 501p

U.K. stocks edged higher in early trade after Monday's volatility amid U.S. discussions over a potential Russian oil and gas ban.

In the second week of March, nickel prices on the London Metal Exchange more than doubled to above $100,000 a tonne for the first time, before trading in the metal was suspended.

Russia supplies about 10% of the world's nickel needs, mainly for stainless steel and electric vehicle batteries.