An extraordinary meeting has been called for Friday to discuss the situation in Ukraine and whether or not Russia should be stripped of the title.
The 68,000-capacity Gazprom Arena in St Petersburg had been awarded the chance to host Europe's showpiece event on May 28, but events overnight look likely to force a change of venue.
There were blasts in the Ukrainian capital of Kyiv, as well as in the cities of Odessa and Kharkiv, after Putin ordered an attack on the country.
Following the evolution of the situation between Russia and Ukraine, the UEFA president has called an extraordinary meeting of the Executive Committee for 10:00 CET on Friday 25 February, in order to evaluate the situation and take all necessary decisions.
— UEFA (@UEFA) February 24, 2022
Following the evolution of the situation between Russia and Ukraine in the last 24 hours, the President of the European football governing body decided to call an extraordinary meeting of the Executive Committee on Friday 25 February at 10:00CET.
Zenit St Petersburg is expected to play Real Betis in Spain on Thursday in a European game.
Sky Sports News has inquired about the status of the Russia and Poland game on March 24 in Moscow.
The venue for the final of the 2020 and 2021 editions was changed due to the coronaviruses epidemic, but the governing body may wait until the latter stages of the competition to see which teams remain in the tournament.
There would be pressure to host it in the UK but two major stadiums are not available.
Wembley will host the Sky Bet Championship play-off final on May 28 while the Spurs will host the Betfred Challenge Cup Final on the same day.
It could open the door to another venue in London, West Ham's London Stadium, which would have more space in the summer.
Sky Sports News spoke to two officials at Shakhtar, following the start of Russia's invasion of the country.
Both have described a state of shock, fear and confusion, with the Ukrainian premier league season now suspended.
One official has told us that he intends to stay and fight for his country, even though he has been training in the use of firearms.
The club staff is spread throughout the country, including in Kharkiv, where there have been explosions, and in the east, where there have been independence movements.
The club has set up a group on the internet to keep track of staff members and discuss their next steps. Their main priority is the well-being of staff and their families.
They posted a picture of the Ukrainian flag with the comment "We'll endure it!" on their social media.
The Ukrainian league was suspended after the president announced martial law in the country.
Since fighting broke out in the eastern Donbass region of the country in the summer of 2014, they have been playing in Kyiv.