The Stoxx 600 rises 3.3% as traders evaluate the Russia-Ukraine crisis; Europe stocks rebound.

• On Friday, the Stoxx 600 index in Europe rose by 3.3%, following a decline the previous day that was its lowest point of the year.
• On Thursday, Russia launched a multi-pronged attack on Ukraine using land, air, and sea forces, causing ripples in financial markets.
• Russia is facing sanctions from the U.S. and its Western allies, which aim to restrict international trade and target banks and oligarchs.

On Friday, European stocks rose, rebounding from a significant decline, as market participants evaluated the effects of Western sanctions on Russia following its invasion of Ukraine.

The pan-European index recorded its best session in over three months, despite closing down by 3.3% the day before.

The utilities, mining firms, and banks sectors experienced gains of over 4%, leading the way among major bourses.

On Thursday, Russia launched an attack on Ukraine through land, air, and sea, causing concern about a potential humanitarian crisis and affecting financial markets.

On Friday morning in Kyiv, a series of explosions were heard. Ukraine President Volodymyr Zelenskyy, who has vowed to stay in the capital, warned of "enemy sabotage groups" entering the city. The situation in Ukraine is rapidly evolving, and it is challenging to verify specific information from the country.

Russia's assault has been condemned by the U.S. and its Western allies, who have coordinated a sanctions campaign to limit international trade with Russia and target banks and oligarchs.

Global rebound

The possibility of imposing additional sanctions on Moscow and targeting the SWIFT international payments system or restricting Russia's oil and gas exports could have significant consequences for the global economy.

As the world's second-largest producer of natural gas and one of the largest oil-producing nations, Russia plays a significant role in global energy production.

On Friday, U.S. stocks surged, reversing earlier declines following news that Russia was approaching the Ukrainian capital of Kyiv.

In Europe, Pearson, an education company, was among the top-performing individual stocks. After posting 2021 results in line with recently upgraded forecasts, the London-listed company launched a £350 million ($470 million) share buyback. As a result, Pearson's shares rose over 12%.

The reinsurance firm's shares dropped more than 4% after a smaller-than-expected 2021 profit, causing the company to slide toward the bottom of the index.

- CNBC’s Ryan Browne contributed to this report