Global stock markets tumble and oil soars after Russia moves troops into Ukraine – business live

Global stock markets tumble and oil soars after Russia moves troops into Ukraine – business live

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

The deepening Ukraine crisis has sent global stocks tumbling and crude oil surging. Last night, Russian president Vladimir Putin ordered his military to enter the Russian-controlled areas of southeast Ukraine. In a lengthy televised address, he had recognised the territories of Donetsk and Luhansk as independent states.

Washington, European and other countries have condemned the move and threatened to impose tough sanctions.