Global investors yesterday scrambled to respond to the knock-on effects of Russia’s failed mutiny as the rouble sank to a 15-month low against the US dollar.

Oil and wheat commodity prices and defence industry stocks were in focus, with some big moves in early trading.

Experts were also trying to work out how events might affect inflation and interest rates.

George Lagarias, chief economist at Mazars, said: ‘Russia is very important for the global supply chain as a major energy supplier and commodities exporter. 

Further instability could, in theory, add to inflationary pressures when we at least thought supply chain issues were behind us.’

Russia’s invasion of Ukraine last year sent energy and food prices spiralling, accelerated a cost of living squeeze and reshaped European industry. 

Yet with anxiety about growth in the world’s biggest economies – the US and China – the price of a barrel of Brent crude rose 60 cents to $74.45.

Phil Flynn, analyst at Price Futures Group, warned that Russian political instability could still worsen supply shortages. 

Elsewhere, Chicago wheat futures –the global benchmark for the commodity – hit four-month highs amid concerns about the situation in Russia, a major exporter before retreating amid profit taking.

And defence industry investors marked down stocks that have made big gains since the invasion. 

Shares in BAE Systems fell 2 per cent while Italy’s Leonardo and France’s Dassault fell too, as did America’s Lockheed Martin.

The rouble weakened to 87.23 versus the dollar before strengthening to 84.25.

Revolution Beauty is set to postpon its annual general meeting as the troubled retailer attempts to fight off an attempted boardroom coup by top shareholder Boohoo.

The troubled cosmetics retailer slammed Boohoo’s attempt to remove chief executive Bob Holt and senior colleagues as ‘value-destructive, opportunistic and self-serving’, adding that it is not in shareholders’ interests.

Boohoo plans to vote against Revolution Beauty’s reappointment of Holt, chairman Derek Zissman and chief financial officer Elizabeth Lake at the firm’s AMG next Tuesday. It owns around 26.6 per cent of Revolution Beauty shares.

Requesting a separate general meeting to oust the three bosses, the online fast fashion retailer wants to replace them with former New Look chairman Alistair McGeorge, as interim executive chairman, and its former finance boss Neil Catto, as CFO.

Revolution Beauty, whose shares are still suspended from trading on AIM in the wake of an accounting scandal, said it will propose its 27 June AGM be postponed as ‘shareholders must be given sufficient time to consider whether they believe that Boohoo’s proposed seizure of majority control…is a viable strategy’.

Trading in the make-up company’s shares has been suspended since September after auditors refused to sign off its books for the previous financial year.

Co-founder and chief executive Adam Minto, who still owns a 15.8 per cent stake in the firm, quit Revolution Beauty in November after the launch of an investigation into the firm’s finances.

Revolution Beauty has prepared shareholders for potential legal action against Minto.

But Revolution Beauty urged shareholders not to back the Boohoo coup, arguing its ‘current directors and management team have navigated’ the group ‘out of the chaos arising from the extensive historical management and governance issues’.

It pointed to improved trading fortunes, with expectations of delivering high single digit growth in revenue and earnings in the ‘high single digit millions’ this financial year.

The group said: ‘Boohoo’s actions appear to be a cynical attempt to seize control of the Company without financial outlay nor any compensation to Revolution Beauty shareholders, and would appear to be a reckless strategy unless Boohoo were confident of support from other shareholders of the company.

‘The current directors believe that Boohoo’s actions create considerable risk to the prompt restoration of trading in the Company’s shares and its stakeholder relationships, and appear calculated to destablise rather than support the business.

‘Boohoo is seeking to stage a board and management control coup without making a general offer, or paying a single penny, to independent shareholders of the company, and with no reasonable justification for its wholesale and dramatic proposed changes to the executive management team.’

Mr Zissman, the company’s chair, added that Boohoo’s actions ‘are a clear attempt to destabilise the business at a crucial juncture in its recovery’.

He said: ‘This will only serve to delay further the lifting of the suspension of trading in Revolution Beauty’s shares. I urge shareholders to vote in favour of reappointing the current directors of the Board and allow the management team to finish the job in hand.’