Financial markets quickly reacted to the military operations launched by Russia against Ukraine, with Asian and Arab markets declining in response. Russia addressed the situation by announcing the suspension of trading in its financial market after its index dropped by more than 10%. The Russian currency, the ruble, fell, and the US dollar rose against it to its highest level since January 2016.
At the same time, air traffic was affected following the cancellation of flights from Rostov airport near Ukraine, and the European Aviation Safety Agency warned airlines about the dangers of flying over Ukraine.
US President Joe Biden pledged on Thursday that "the world will hold Russia accountable" following Russian President Vladimir Putin's declaration of a "military operation" in Ukraine. Biden is set to give a speech regarding the "consequences" that Russia will face for what he described as an "unjustified attack." He indicated that he would be meeting with fellow leaders from the G7 on Thursday.
Biden condemned what he referred to as an "unjustified attack" by Russia in Ukraine after Putin announced a "military operation" in defense of pro-Moscow separatists in the eastern part of the country. Biden stated in a release, "President Putin has chosen to launch a planned war that will cause catastrophic suffering and loss of life." He added, "Russia alone bears responsibility for the death and destruction that will result from this attack."
**Trading Halted**
Following the decline of over 10% in Russian stocks, the Moscow Exchange suspended trading on Thursday as a precautionary measure, according to Reuters. The exchange stated: "Trading in all markets has been suspended. Resumption will be announced later."
**Asian Markets**
Asian markets dropped during Thursday’s trading sessions, with Japan's Nikkei index falling by approximately 1.92% to reach 25,940.97 points, while the broader Topix index decreased by 1.44% to 1,853.95 points. The Hang Seng Index in China decreased by 3.23% to 22,895.83.
**Middle Eastern Markets**
In the Arab region, the UAE markets declined at the start of trading on Thursday. The Abu Dhabi index fell by 1% to 8,992.93 points. The Dubai Financial Market also saw a decline of 1.83%, reaching 3,276.04 points. In Kuwait, the main market index 50 fell by 1.35% to 6,603.29 points, while the general market index decreased by 0.83% to 7,597.11 points.
