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Oil rips past $100 and Stocks slump as Russia invades Ukraine

Oil prices broke above $100 a barrel for the first time since 2014, stock markets slumped and the rouble hit a record low on Thursday after Russian President Vladimir Putin launched an invasion of Ukraine.

Markets displayed all the predictable reactions. Europe’s stock markets tumbled nearly 4% (.FTEU3) in frenzied selling while top-rated government bonds, the dollar, Swiss franc, Japanese yen and gold all rallied as traders sought out safety. /FRX/GOL

Putin said he had authorized what he called a special military operation though Ukraine and Western governments labelled it a full-scale invasion.

U.S. President Joe Biden said “severe sanctions” would be imposed on Russia after the attacks, with Europe’s leaders vowing to also freeze assets and shut Russian banks out of their financial markets.