Here are the top business stories making the headlines in the morning newspapers.
Breaking: EU to ban Russian oil
European Commission President Ursula von der Leyen has given details of a sixth package of sanctions to be agreed in the coming days.
She listed four separate types of sanctions:
- High-ranking Russian military officers who committed war crimes in Bucha and Mariupol were to be targeted: "We know who you are, you will not get away with this."
- Sberbank, Russia's largest bank, is to be disconnected from the SWIFT bank transfer system.
- Three big state-owned Russian broadcasters are to be cut off from the EU on cable, satellite or the internet as what she called "mouthpieces that amplify Putin's lies".
- Von der Leyen said the EU was also announcing an end to its dependency on Russian oil: "It will not be easy but we simply have to do it." All Russian oil will be phased out, she said, but in an orderly fashion. Crude oil will be phased out in six months and refined products by the end of 2022, she said.
Click here for more on this breaking story, via the BBC.
War of words over Ferguson shipyard
The former Ferguson shipyard owner has accused Nicola Sturgeon of lying when she said it would have shut without the contract to build two CalMac ferries.
Jim McColl also disputed the First Minister's claim that the contract had saved 400 jobs - because the yard on the Firth of Clyde had only employed 150 people at the time.
He has previously claimed the contract to build Glen Sannox and Hull 802 was awarded for political reasons. The ferries are now five years behind schedule and massively over budget.
Speaking to the BBC's Good Morning Scotland programme, Mr McColl was asked about comments made by the First Minister on Monday when she said the yard would have closed and 400 people would not currently be employed at the yard if it had not been given the contract in 2015.
He said: "That is a lie. At the time there were 150 employees, not 400. I think she was a bit rattled in the interview and she mixed it up with the statement that they made about saving the yard."
Responding to Mr McColl's comments, a spokesman for the first minister said she had been "clearly referring to the 400 people currently employed at the yard".
He added: "Those 400 jobs would not currently exist if the Scottish Government had not taken the action we did to save the yard - that is a fact."
Firms may have to pay to stay on Twitter
Business and government users on Twitter may need to pay a "slight" fee to stay on the social media platform, Tesla boss Elon Musk has said.
The BBC says it comes after the board of Twitter agreed to a £34.5billion takeover offer from Mr Musk.
However, he said the site would always be free for "casual users".
Mr Musk had previously said he wanted to "make Twitter better than ever by enhancing the product with new features".
Protest at Clydebank oil terminal
Climate activists have blockaded a Scottish oil terminal to call for an end to new oil and gas projects.
Just Stop Oil said its supporters blocked access to the Nustar Clydebank facility in West Dunbartonshire by climbing on top of tankers and locking on to the entrance at around 4am on Tuesday.
Others entered the oil terminal, where 12 protesters sat on pipes and three on silos to halt operations.
The activists said they were taking action in support of their demand that the Government ends new oil and gas projects in the UK.
The Telegraph reports it is the first action of its kind in Scotland since Just Stop Oil began blockading fuel terminals south of the border on April 1, which has seen more than 1,000 arrests.
Russia avoids default
Russia has avoided defaulting on its government debts by making necessary payments in US dollars, shortly before the final deadline.
The BBC says the $650million of payments on international bonds were originally due on April 4.
The US Treasury blocked Russia from making the payments from reserves frozen by Western sanctions, raising the prospect of default.
Russia offered to pay in roubles, then changed its policy last week.
The decision marks the latest twist of a long-running wrangle with the US Treasury over how Russia is allowed to service its debts.
If Russia had only made the payments in roubles, it would have deemed a failure to pay - a default - after a grace period of 30 days from the original payment date of April 4.
Trader mistake wipes out billions
Citigroup has admitted that its London trading desk was behind a "flash crash" that sent shares across Europe tumbling on Monday, says the Telegraph.
The Wall Street giant said one of its traders made a mistake "inputting a transaction" that triggered a knee-jerk selloff in Swedish stocks, wiping out as much as £251billion.
The bank said it identified the error "within minutes" and corrected it, but the mistake will come as a fresh blow to Citi which has spent years attempting to improve its financial controls.
Jane Fraser, the Scot who became the first woman to run a Wall Street bank when she took over in September 2020, has ordered thousands of employees to focus on improving Citi's risk and controls systems.