European stock markets plunged: around 10:10 GMT, the Paris Stock Exchange lost 3.73%, Frankfurt 3.96%, London 2.58% and Milan 3.76%.

The European benchmark Eurostoxx 50 index fell by 3.89%.

The Moscow Stock Exchange even collapsed by more than 25% and the Russian currency, the ruble, reached a historic low against the dollar before the intervention of the country's central bank.

In Asia, Hong Kong lost 3.21%, Shanghai 1.70% and Tokyo 1.81%.

The price of a barrel of oil has exceeded 100 dollars, both for the American barrel and that of the North Sea.

Aluminum was also breaking records.

"It's panic in the markets," summarizes Ipek Ozkardeskaya, analyst at the investment company SwissQuote.

Russian President Vladimir Putin launched a "military operation" in Ukraine on Thursday night, described as a "large-scale invasion" by Kiev.

Several areas of the country were targeted by airstrikes and ground forces crossed the border from the north, east and south of the country.

Human losses begin to be counted on both sides.

The offensive sparked an international outcry to which Moscow remains deaf.

New sanctions are expected.

Banks and the financial sector were targeted in the first sanctions imposed by the European Union and the United States.

In Moscow, Sberbank fell by 38.85%, VTB Bank by 37%.

In Vienna, Raiffeisen lost 15.50% and in Milan Unicredit yielded 8.67%.

“At this stage, it is impossible to bet on any scenario,” resigns Ipek Ozkardeskaya.

"We can only follow the latest developments closely and be ready for more volatility."

Raw materials are on fire

“The tensions between Russia and Ukraine lead to both a possible demand shock (for Europe) and, above all, a much larger supply shock for the rest of the world, given the importance from Russia and Ukraine for energy and raw materials," said Tapas Strickland of the National Bank of Australia.

In the middle of the morning, the price of a barrel of Brent oil from the North Sea soared 8.76% to 105.28 dollars and that of a barrel of American WTI for delivery in April jumped 8.59% to 100, 01 dollars, a high since 2014.

Oil wells in Baku on March 19, 2019 Mladen ANTONOV AFP

As for natural gas, the reference market in Europe exploded by 31% compared to the previous day.

The price of aluminum also reached a new record.

"Rising energy prices are a big headache for Europe, since 40% of its natural gas and 30% of its oil come from Russia," said a Swissquote analyst.

Mining groups strongly linked to Russia collapsed in London: Polymetal plunged 35.67%, Evraz 24.61% and Petropavlovsk 19.71%.

Fall of the ruble, jump of the dollar

After a historic low of 90 rubles to the dollar, the currency fell 3.20% around 10:00 GMT, after the intervention of the Russian Central Bank to "stabilize the situation".

The dollar, considered a safe haven, took 0.96% against the European currency, to 0.8930 euro for one dollar.

Other popular assets in times of increased risk: gold rose 2.31% to 1,953 dollars an ounce and government bonds were sought after.

The yield on US 10-year debt climbed to 1.87% from 1.99% on Wednesday.

Bitcoin for its part fell by 5.74% to 35,380 dollars.

Collateral victims

The sell-off affected even more the shares of companies with a strong presence in Russia.

In Frankfurt, the energy group Uniper, linked to the Nord Stream 2 gas pipeline, yielded 11.63%.

And the wholesale chain Metro, which has around 100 stores in Russia, was down 3.30%.

In Paris, Renault, present in Russia via its subsidiary Avtovaz, collapsed 7.50%.

Societe Generale, present via Rosbank, lost 7.71% and Alstom, which has a 20% stake in the railway manufacturer Transmashholding, 5.33%.

© 2022 AFP