Russia’s ruble plunged nearly 30 per cent against the dollar Monday after world powers imposed fresh, harsher sanctions on Moscow over its invasion of Ukraine.

Russia’s central bank announced a slew of measures on Sunday to support domestic markets, as it scrambled to manage the broadening fallout of harsh Western sanctions over the weekend in retaliation against Moscow’s invasion of Ukraine.

Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.

The OPEC+ cartel of top oil producers at their monthly meeting on Wednesday are likely to be powerless to rein in prices, which have soared above $100 after member Russia’s invasion of Ukraine.

The uncertainty created by Russia’s invasion of Ukraine and its impact on the global economy is piling more complexity onto the US central bank’s already tough fight to contain rising prices.

Investors were preparing on Saturday for more wild gyrations in asset prices after Western nations announced a harsh set of sanctions to punish Russia for its invasion of Ukraine, including blocking some banks from the SWIFT international payments system.

The United States, Britain and European Union ratcheted up sanctions against Moscow on Saturday as Russia continued its assault against Ukraine, saying they would block access to the SWIFT international payment system.

Russia’s invasion of Ukraine could mean less bread on the table in Egypt, Lebanon, Yemen and elsewhere in the Arab world where millions already struggle to survive.

Western executives watched with horror as Russian tanks rolled into Ukraine on Thursday. Bank bosses like Frédéric Oudéa of Société Générale and UniCredit’s Andrea Orcel have more to fear than most.

The West has agreed an onslaught of sanctions over Russia’s invasion of Ukraine, but resistance from key EU nations fearful of severing their power sources has resulted in them holding off on deploying the “financial nuclear weapon” of banishing Moscow from the SWIFT banking transfer system.

The price of wheat smashed its previous record high in European trading on Thursday as Russia invaded Ukraine, putting a question mark on the future of exports from two of the world’s biggest producers of the key commodity.

Germany’s cabinet on Wednesday approved an increase in the minimum wage to 12 euros ($13.60) per hour, a flagship election campaign promise of Chancellor Olaf Scholz’s Social Democrats.

Oil prices surged close to $100 per barrel Tuesday as major crude producer Russia prepared to send troops into two breakaway regions of Ukraine, sparking Western nations to ready economic sanctions against Moscow.

Stock markets tumbled on Tuesday while bonds and commodities rallied after Russian President Vladimir Putin ordered troops into the breakaway regions of eastern Ukraine.

Oil prices rose slightly on Monday as fresh diplomatic efforts to resolve the Ukraine crisis provided some relief from supply concerns that have kept oil prices near $100 a barrel.

The euro zone economic recovery regained momentum this month as an easing of coronavirus restrictions gave a boost to the bloc’s dominant service industry, a survey showed, but consumers faced prices rising at a record rate.

The pandemic and soaring inflation have done nothing to take the shine off luxury brands, from Louis Vuitton to Gucci and Cartier, as the sector hiked prices to notch up stellar profits.

Nickel surged Monday to the highest price in more than 10 years, driven by simmering Ukraine-Russia tensions and tight supplies.

The Russian finance ministry said Monday it had submitted draft legislation regulating cryptocurrencies, including client identification and a cap on investments.

There is a silver lining to Turkey’s currency crisis and the global supply chain crunch: The country is becoming an attractive alternative at the gates of Europe for foreign firms.