The cabinet minister said moves to isolate Russia from the world economy proved that market access to democratic countries was no longer automatic

The Japanese prime minister also announced plans to invest 5 trillion yen ($42 billion) in India over five years

The Indian rupee fell to a historic low on Monday, after a sharp rise in global prices of crude oil stirred concern on inflation and possible interest rate hikes by the central bank

Japan's Nikkei sinks 3.2%, Sensex opens 2.3% down, while the MSCI's broadest index of Asia-Pacific shares ex-Japan loses 1.6% and Chinese blue chips shed 0.8% amid a sea of red 

The summit is likely to be virtual rather than in person, an EU official said.

US, EU sanctions announcements hit markets; oil is up, equities down, Treasurys flat and currencies mixed.

Russian stock indexes plunged and the rouble sank to near a two-year low after Moscow recognised Ukraine's two separatist regions and Putin sent troops into the Western-backed country.

With Russian forces massing on the Ukraine border and talks failing to make progress, oil prices surged and Asia investors were in a downbeat mood

Geopolitical worries have added another layer of volatility to an already-jumpy market as investors price in the possibility of escalating conflict between Russia and Ukraine

White House warnings of a possibly imminent Russian invasion of Ukraine reverberated through financial markets with stocks tumbling on Wall Street on Friday and oil prices surging.