Putin launches attack on Ukraine as U.S. and Europe move to hit Russia’s economy

Russia has turned its military build up along the border with Ukraine into a conflict.

President Putin announced an attack on Ukraine early Thursday local time, days after he recognized two regions of Russia as independent. There were reports of explosions in the capital of Kyiv and other cities around the country.

The U.S. and Europe imposed sanctions on Russian individuals, financial institutions and debt in order to prevent an attack this week. After the invasion started, the U.S. President promised more measures to hit Russia's economy. Biden spoke to Zelenskyy in the U.S.

U.S. stock futures plummeted and global oil prices spiked after the attack.

The U.S. stock futures fell after Russia launched an attack on Ukraine.

The S&P 500 futures were down 2%. The futures of the 100 companies fell.

West Texas Intermediate futures were 4.57% higher at $96.31 per barrel. For the first time in over three years, global benchmark Brent rose to $101.30 per barrel.

Spot gold, which is seen as a safe-haven asset in times of uncertainty, jumped 1.62% to trade at 1,938.38.

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Boris Johnson, the Prime Minister of the United Kingdom, said that his nation and its allies were prepared to respond to Russia's attack on Ukraine.

He talked with the president of Ukraine to discuss the next steps. The U.S. President spoke with the Ukrainian leader.

President Putin has chosen a path of bloodshed and destruction by launching this unprovoked attack on Ukraine.

Mike Calia.

NATO Secretary General Jens Stoltenberg condemned Russia's military action against Ukraine.

I strongly condemn Russia's reckless and unprovoked attack on Ukraine, which puts at risk countless civilian lives.

Despite our repeated warnings and efforts to engage in diplomacy, Russia has chosen the path of aggression against a country.

Kevin Breuninger.

In a text message to NBC News, the interior minister of Ukraine said that cruise and missile strikes are underway.

The CNN correspondent in Kyiv said on live television that his team had been informed by an advisor to the interior ministry that the invasion had begun.

The CNN correspondent, Matthew Chance, said on air that the explosions were missile strikes.

Kevin Breuninger.