Moscow index plummets over 30% as Putin invades Ukraine, causing Russian ruble to reach a new low.

• On Thursday, Russia's markets and ruble fell as the country's military invaded Ukraine.
• Early Thursday morning, Vladimir Putin announced a "special military operation" in Ukraine, two days after deploying troops to the eastern breakaway regions of Donetsk and Luhansk.

The stock market crashed on Thursday due to the military invasion of Ukraine.

The ruble reached its lowest level ever against the dollar as the day began, with the dollar up more than 10%. Meanwhile, Moscow's main equities index, the MOEX, fell as much as 45% after trading was temporarily suspended shortly after opening, marking its worst one-day drop on record.

At 8:40 a.m. in Moscow, the ruble was trading at 89.89 to the dollar, with the greenback up 10.45% against it from the previous day. Later in the day, the ruble pared some of its losses, trading at 87.53 to the dollar just after 7 p.m. local time.

At that time, the MOEX was trading approximately 33% lower, while the RTS index in Russia was down more than 38%.

Putin announced a "special military operation" on Thursday morning, two days after deploying troops to Ukraine's eastern breakaway regions in Donetsk and Luhansk. This news comes after months of Russian military buildup near Ukraine's borders, with troop numbers estimated at up to 150,000.

Reports from Ukraine are hard to verify as the situation there is rapidly worsening.

Ukraine's Foreign Minister, Dmytro Kuleba, announced at 7 a.m. local time that Russia was intensely shelling Ukrainian military forces in the country's east.

The Ukrainian air force is countering an aerial assault, while authorities disclosed that artillery and other heavy machinery are being used to attack Ukraine's border forces.

From the Russian-annexed Crimean peninsula, another attack is underway, according to Ukraine's military. The government has advised citizens to seek shelter in Kyiv to avoid potential missile strikes.

An emergency meeting will be held by NATO in response to the invasion, as condemned by U.S. President Joe Biden, who vowed to impose "severe sanctions on Russia."

Boris Johnson, the U.K. Prime Minister, stated that Putin has chosen a destructive path.

The attack sent asset markets gyrating around the world.

The STOXX 600 index in Europe reached its lowest point since the previous year, while the DAX in Germany contributed to the decline. Meanwhile, Brent crude oil surpassed $100 for the first time in over six years. U.S. stock futures were trading in the red, and oil prices were sharply higher.