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Russia sells $10bn in reserves to prop up rouble

Russia has sold $10bn in currency reserves to support the rouble amid the crisis in the Ukraine.

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Markets slump amid crisis fears over Russian oil supply

Analysts said banks have also been hit by concerns over their link to Russian and Ukrainian financial houses amid the crisis. Credit: Reuters/David Mdzinarishvili

The escalating crisis in Ukraine has hit the European markets, which have seen a major slump amid worries the tensions will force higher energy prices if economic sanctions come into effect.

Traders remain wary that a worsening conflict could affect Russia's supply of oil to the EU, two thirds of which is piped through Ukraine.

Oil prices surged by around 2% to above 104 US dollars a barrel in New York while the FTSE 100 Index was off by more than 1.5% at below 6700.

Other leading European markets suffered bigger falls, with the Dax in Frankfurt down by more than 2.5%.

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