Russian ruble plunges nearly 30% against the dollar amid sanctions over Ukraine conflict. The Bank of Russia said it raised the rate to 20% from 9.5% to help cushion the impact of the rouble's slide. European markets fell amid fears over financial stability, with London's FTSE 100 down more than 1% and Paris and Frankfurt about 2% lower.

The price of crude oil jumped 4.5%, and the dollar and gold rose as investors sought safer places to put their money.

It came as the UK, along with the US and EU, cut off Russia's banks from financial markets in the West, prohibiting dealings with the central bank, state-owned investment funds and the finance ministry.
 
The central bank said today,  it had ordered brokers to suspend the execution of all orders by foreign legal entities and individuals to sell Russian investments. It also said it had yet to decide whether to open markets other than foreign exchange and money markets today.