Western nations decided to block large Russian banks from the SWIFT global payments system. Vladimir Putin put Russia's nuclear deterrent on high alert as a response.
Shares in BP PLC dropped by almost 7% today after it unveiled plans to sell its 19.75% stake in Russian oil giant Rosneft over the weekend after Russia's invasion of Ukraine. BP said the move would not impact its short our long-term outlook.
After Germany announced a big increase in military spending, defence stocks rose sharply, including BAE Systems.
Things to read today:
Does Putin’s Military Order Raise the Risks of a Nuclear Exchange? (Bloomberg)
Six Factors to Drive Investors during Ukraine Crisis (Financial Times)
Russia’s Ruble, Financial Markets Are Hammered by Sanctions (WSJ)