The Russian stock market saw its value halved as investors calculated the toll of tightening sanctions on Russian companies, the biggest one-day tumble for the ruble, forcing Russia’s central bank to step in.

Stock markets from Asia to North America were in the red as investors were spooked by what could happen next and how that could take a bite out of corporate profits.

Oil prices were the standout, spiking past $100 a barrel for the first time in eight years.

Anne Gaviola has more.

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