European markets set to plummet at the open as new sanctions are imposed on Russia

European stocks are expected to open sharply lower on Monday as global markets track developments in the Russia-Ukraine crisis.

The U.K.'s FTSE index is expected to open 118 points lower at 7,372, Germany's DAX is expected to open 538 points lower at 14,007, France's CAC 40 is expected to open 229 points lower at 6,519 and Italy's stock market is

The Russian advance into Ukraine continued over the weekend. Russian military vehicles entered the second-largest city of Ukraine, with reports of fighting taking place and residents being warned to stay in shelters.

The U.S., Europe and Canada agreed Saturday to remove key Russian banks from the interbank messaging system. The airspace of the U.K. and EU has been closed to Russian aircraft.

Russian President Vladimir Putin put his country's nuclear deterrence forces on high alert on Sunday. Representatives for Ukraine and Russia have agreed to meet on the border, with no preconditions, according to the Defense Ministry.

The U.S. stock futures moved lower on Sunday as investors became concerned about the economic ramifications of the Russia-Ukraine crisis, while shares in Asia-Pacific were mixed on Monday. The Russian ruble plummeted against the dollar on Monday as markets assessed the impact of sanctions on Russia.

Data releases include inflation data from Spain and Portugal for February.

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CNBC.com staff contributed to the report.