Russia's currency, the ruble, plunged to an all -time low and trading on the Moscow stock exchange was suspended after President Vladimir Putin announced an attack on Ukraine on Thursday.
The string of attacks launched on Ukraine after the announcement has caused financial markets around the world to panic.
The ruble plunged more than 7% following the announcement, bringing the currency to around 87.00 against the US dollar.
The plunge also had an impact on the suspension of the Moscow stock market, before it was announced it would reopen at 3.00pm local time.
In the wake of this attack, the United States and its other allies have promised to impose heavier sanctions on Russia.
Earlier, Washington had taken sanctions measures targeting Russia’s financial institutions and national debt after Putin deployed his troops to Ukraine’s eastern provinces after recognizing Luhansk and Donetsk on Monday.
