Sweden’s OMXS index was down 5 percent by 2pm, with heavyweights Evolution, Autoliv and SEB earlier on Thursday falling six percent or more on the stock market.

Trade company Ferronordic, which has significant trading with Russia, was hit the hardest on the Stockholm exchange with shares down 23 percent at 11.30am.

Meanwhile, several oil companies increased their stock value after oil prices soared in the wake of the attack: Africa Oil was up 15 percent, Tethys Oil 11 percent and Lundin Energy almost four percent, reported Swedish news agency TT on Thursday.

Sweden’s state-owned power company Vattenfall said in a press statement that it would halt its planned purchases of Russian nuclear fuel.

It had previously signed an agreement with TVL, a subsidiary of Russian nuclear power company Rosatom, for the supply of nuclear fuel for Swedish nuclear power station Ringhals’ reactors 3 and 4.

“We are deeply concerned by the serious security situation in Europe and Russia’s invasion of Ukraine,” Vattenfall wrote on its website, saying that no planned deliveries would take place and no new orders would be placed “until further notice”.

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European gas prices soared on Thursday, but the effect on Swedish electricity prices was comparatively small.

A kWh of electricity in southern Sweden will cost on average 0.92 kronor on Friday according to power exchange Nordpool – higher than Thursday’s 0.67 kronor but far below the record-high levels of 1.5-2 kronor in early February.

The cost of petrol and diesel is expected to increase in the wake of the military attack. Brent oil prices surged to 100 dollars a barrel on Thursday – the highest since 2014.