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STORY: When markets opened for trade in Moscow on Monday (February 28), the response was immediate.

The rouble plunged nearly 30% to an all-time low against the dollar.

That as traders scrambled to react to swingeing western sanctions.

The moves included action to exclude Russian banks from SWIFT, the main global payments system.

In response, Russia’s central bank more than doubled its benchmark interest rate to 20%.

But even that couldn’t stop the currency’s plunge.

As fighting raged on in Ukraine, money flowed into perceived safe havens, with the dollar up against almost all currencies.

It gained around 1% versus the euro in early trades.

Other usual safe havens including gold and the Swiss franc saw gains.

Equities headed lower, with Europe’s STOXX 600 index off as much as 2% in early trades.

European firms most exposed to Russia were hardest hit.

Banks including Societe Generale and Italy’s UniCredit were down around 9% early on.

Oil giant BP sank over 6% after it said it would abandon its stake in Russia’s Rosneft at a cost of about $25 billion.

Crude, meanwhile, soared, on fears over what will happen to Russian supplies.

International benchmark Brent jumped around 4%, putting it above $100 per barrel.