As tensions between Russia and Ukraine continue to escalate, major European stock indexes fell across the board, with the exception of U.S. stocks closed for a holiday, and the Russian stock market recorded its biggest intraday drop since the 2008 global financial crisis.

  On the evening of February 21, the Russian trading system index RTS plunged 17% at one point.

As of the close, the Russian MOEX index closed down 10.56%, the largest closing decline in nearly eight years; the Russian trading system index RTS closed down 13.21%.

  Other major European stock indexes also tumbled across the board.

Germany's DAX fell 2.07% to 14,731.12 points; France's CAC40 fell 2.04% to 6,788.34 points; Britain's FTSE 100 fell 0.39% to 7,484.33 points; Italy's FTSE MIB fell 1.72% to 26,050.03 points; European STOXX50 The index fell 2.17% to 3985.71 points.

  In terms of crude oil, Brent crude oil futures rose more than 4% on the day and closed up $1.85, or 1.98%, at $95.39 per barrel.

  WTI crude oil rose 2.5% to $92.50 a barrel.

Brent crude oil futures for April.

  Gold also rose sharply due to safe-haven demand, with COMEX gold breaking the $1,900/oz mark.

  According to CCTV news reports, on February 21, local time, Russian President Vladimir Putin signed a presidential decree recognizing the Donetsk People's Republic and the Luhansk People's Republic, and signed the agreement between Russia and the Donetsk People's Republic and the Luhansk People's Republic. Treaty of Friendship, Cooperation and Mutual Assistance.

  The World Wide Web quoted the Russian "Viewpoint" report on the 22nd that there was news on the Internet that the Russian army had begun to arrive in the Donbass area, and some people published related videos.

  White House press secretary Jane Psaki issued a statement on February 21, local time, in response to Russian President Vladimir Putin's signing of an order recognizing the Donetsk and Luhansk republics.

  Psaki said the U.S. had anticipated such a move by Russia and was ready to respond immediately, and President Biden would soon issue an executive order barring Americans from new operations in the Donetsk and Luhansk regions. Investment, trade and financing, the executive order will also authorize sanctions on those who decide to operate in the two regions.

  According to the World Wide Web, Agence France-Presse just reported that after Russia recognized the "Donetsk People's Republic" and "Luhansk People's Republic", the United States announced the first step of sanctions.

  According to the report, the United States announced financial sanctions on Russia on the 21st local time, and warned that it is ready to impose more sanctions if necessary.

  Earlier in the day, the White House said U.S. President Joe Biden had informed Ukrainian President Volodymyr Zelensky of plans to sanction Russia and promised a quick and firm response.

  The White House also said that in a conversation with Zelensky, Biden denounced Russia's decision to recognize the Donetsk People's Republic and the Luhansk People's Republic.