Major stock markets in Europe extended losses on Tuesday, as the tensions between Russia and Ukraine continued to escalate. Russian Foreign Minister Sergey Lavrov condemned Ukrainian President Volodymyr Zelensky and the West for, in his words, not respecting negotiations as predicted by the Minsk agreement.
Meanwhile, French Finance Minister Bruno Le Maire stated that the complete embargo on Russian oil is necessary in order to put additional pressure on Moscow's funds used for financing the military operation in Ukraine. Earlier, the president of the Bank of Russia Elvira Nabiullina confirmed Moscow will prepare lawsuits on the basis of its international reserves being frozen.
The DAX declined by 1.10% or 154 points at 11:41 am CET. Similarly, the CAC 40 and the FTSE 100 lost 1.25% and 0.61% respectively at 11:44 am CET. The euro traded 0.17% higher against the dollar selling for 1.08001 at 11:54 am CET, while the pound gained 0.13% against the dollar, selling for 1.30291 at 11:54 am CET.
