Investors turned to oil and safe-haven assets after Russian leader Vladimir Putin 'recognised' two rebel-held areas in eastern Ukraine and sent in troops

Nervousness of possible disruption of exports from key oil producer Russia helps push oil prices to their highest since 2014

Russia is the second largest supplier of crude oil to China and its third biggest gas supplier. It is also a major oil supplier to South Korea, while it also sells coal to Japan, Vietnam and India.

Oil jumps to seven-year high, safe-havens currencies like yen rally and US stock futures dive as Europe's eastern flank stands on brink of war

Asia’s investors were distracted by the ongoing Russia-Ukraine stand-off but oil prices later dropped off the back of Biden-Putin peace talks hopes

News of the plan emerged prior to a flurry of calls by European leaders late on Sunday, which led to speculation Biden could meet his Russian counterpart, provided there is no invasion

Tokyo, Hong Kong, Sydney, Singapore, Taipei, Wellington and Manila slipped on Friday, after all major US markets fell, but Shanghai, Mumbai, Jakarta and Bangkok edged up slightly

Ukraine troop withdrawal claims from Moscow briefly lifted the mood on Asia’s trading floors though rate hike concerns still weighed

Tokyo, Seoul and Manila advanced around 2%, while Hong Kong, Sydney, Wellington and Taipei leapt ahead too despite continuing rate hike fears

A Russia-Ukraine conflict would have serious economic consequences as the two countries are key sources of oil, gas and wheat

Tokyo, Hong Kong, Shanghai and Mumbai all made solid progress on Thursday, while Singapore gained too though Wellington and Jakarta slipped