The FTSE 100 dropped almost 3% this morning and the price of oil has surpassed $100 a barrel for the first time since Russia annexed Crimea in 2014, on the news that Russia has launched a full-scale military invasion of Ukraine.
The sharp rise in oil prices followed Russian president Vladimir Putin's announcement, in which he again claimed he was protecting people who have been subject to a "genocide" by Ukraine and threatened the rest of the world. He said: "To anyone who would consider interfering from outside: If you do, you will face consequences greater than any you have faced in history. All the relevant decisions have been taken. I hope you hear me." Within minutes of the televised statement, multiple explosions were heard in Ukraine's capital Kyiv. Moscow's bourse suspended all trading this morning...
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