European stocks slumped on Monday, responding to a ratcheting up on sanctions against Russia as the Russian invasion of Ukraine continued.
The Stoxx Europe 600 XX:SXXP fell 1.3% in early trade, as the financial sector reeled from the news the U.S., European Union and the U.K. agreed to block some Russian banks from the SWIFT messaging system.The Stoxx Europe 600 SXXP fell 1.3% in early trade, as the financial sector reeled from the news the U.S., European Union and the U.K. agreed to block some Russian banks from the SWIFT messaging system.ING INGA shares dropped 8%, while Deutsche Bank DBK and Societe Generale GLE each dropped 6%.
BP BP shares fell 5% as the oil giant said it’s taking a $25 billion charge to exit its 19.75% stake in Rosneft. Renault RNO , the owner of Russian carmaker Avtovaz, dropped 8%. There were notable defense gainers as Germany said it set up a special €100 billion fund to upgrade its armed forces. Rheinmetall RHM shares jumped 44% and BAE Systems BA rose 13%.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine Crisis: US, Europe agree to freeze assets of Russia’s Putin, LavrovThe EU’s unanimous decision, part of a broader sanctions package, indicated that Western powers are moving toward unprecedented measures to try to force Putin to stop the brutal invasion of Russia’s neighbor and from unleashing a major war in Europe.
Read more »
Russia suspends cooperation with Europe on space launches from French GuianaRussia's space agency Roskosmos is suspending cooperation with Europe on space launches from the Kourou spaceport in French Guiana in response to Western sanctions over Ukraine, Roskosmos head Dmitry Rogozin said on Saturday.
Read more »
Russia Sanctions Over Ukraine Largely Spare Energy Sector, Vital to EuropeThe West is rolling out tough sanctions on Russia but going out of its way to preserve the country’s biggest source of revenue: energy exports
Read more »
Europe Bans Russian State-Backed Channels Russia Today, SputnikIn an unprecedented move, the European Union has blocked Russian state-backed channels so 'they will no longer be able to spread their lies to justify Putin’s war and to sow division in our union.'
Read more »
Russia attacks Ukraine: Tours extended for 4K-plus US troops deployed in Europe (live updates)JUST IN: the U.S has approved the direct delivery of Stinger missiles to Ukraine as part of the White House's approved package
Read more »