E.U. activates cybersecurity experts

Oil prices surge as stock markets shaken amid Ukraine crisis

Oil prices surged to close to $100, the highest in more than seven years, as global stock markets fell in early trading Tuesday amid growing fears over the Ukraine crisis. 

Brent crude oil was up nearly 4 percent Tuesday morning, rising to just over $99 a barrel.

Meanwhile, Europe's STOXX 600 index fell nearly 2 percent in a seven-month low in early trade, before rising back up to Monday's closing level. 

The ruble rose in FX markets, while German equities erased losses of more than 2 percent to trade flat. 

Wall Street also erased losses, with futures measures for the S&P 500 turning positive as Nasdaq recovered from losses of about 2 percent to trade down 0.4 percent.

The developments came as the U.S. and its allies vowed to impose harsh sanctions in response to Russian President Vladimir Putin's decision Monday to formally recognize the independence of two breakaway regions in eastern Ukraine, as he sent troops to the area.

On Tuesday, German Chancellor Olaf Scholz said efforts were underway to halt progress on the Nord Stream 2 gas pipeline in the wake of Monday's developments.

European soccer organization under pressure to move Champions League final from Russia

European soccer's governing body, UEFA, is coming under pressure to move the showpiece Champions League final from the city of St Petersburg. 

The blue ribbon event of the European club football calendar is set to take place at the Krestovsky Stadium on May 28.  

But British Prime Minister Boris Johnson told the U.K. Parliament Tuesday that he thought it was "inconceivable that major international football tournaments can take place in Russia after the invasion of a sovereign country."

Other British politicians including Culture Secretary Nadine Dorries and Tracey Crouch, a former sports minister, also called for the venue to be moved. 

UEFA has previously been able to move prestigious events at relatively short notice, including last year's final which was also set to be played in Saint Petersburg, but moved to Porto in Portugal due to Covid travel restrictions.

UEFA said in a statement Tuesday that it was "constantly and closely monitoring the situation and any decision would be made in due course if necessary." 

Ukrainian Defense Minister Oleksiy Reznikov at the coffin of a 35-year-old soldier who died in recent shelling incident at the frontline with Russia-backed separatists, during a ceremony in Kyiv on Tuesday.

U.S. will act with Germany to halt Nord Stream 2 if Russia invades Ukraine, Psaki says

The U.S. will "act with Germany" to ensure the Nord Stream 2 gas pipeline "does not move forward" if Russia invades Ukraine, White House Press Secretary Jen Psaki said Tuesday.

Psaki said in a tweet that President Joe Biden had made clear the U.S. would support blocking progress on the pipeline should the Ukraine crisis escalate.

The statement came after German Chancellor Olaf Scholz said his country was moving to halt the multibillion-dollar pipeline, which was to provide Russian natural gas to Germany.

"We have been in close consultations with Germany overnight and welcome their announcement," Psaki said, adding that the U.S. would be "following up with our own measures today."

Ukrainian service members take part in military drills at a training ground in an unknown location in Ukraine, in this handout picture released Tuesday.

Putin says he has no plan to 'restore the empire'

Russian President Vladimir Putin has said he does not have a plan to "restore the empire" as he accused third parties of using territory in Ukraine to "create threats to Russian Federation." 

"We predicted the speculations on this subject: that Russia is trying to restore the empire. This is completely untrue," Putin said Tuesday following a meeting with Ilham Aliyev, the president of Azerbaijan.

The comments came just a day after the Russian leader formally recognized the independence of Moscow-backed breakaway regions in eastern Ukraine.

Putin suggested that Russia's relationship with Ukraine was "different" from its relationship with other post-Soviet nations.

"After the fall of the Soviet Union Russia recognized the geopolitical reality and, as you know, is actively working on strengthening our cooperation with all the independent countries of the former Soviet Union," Putin said.

 Putin maintained that "Russia only supports the sovereignty of our neighbors and strengthens it." 

"We will keep this policy with regards to all of our neighbors," he said. However, he said: "The situation with Ukraine is different and it is connected to the fact that, unfortunately, the territory of this country is being used by third parties to create threats to Russian Federation."

Britain unveils 'barrage' of sanctions as Russian ambassador summoned

Britain has announced a "barrage" of sanctions against Russia following the latest developments in the Ukraine crisis. 

The announcement came as Britain's Foreign Office summoned the Russian ambassador for a meeting Tuesday amid the crisis, Downing Street confirmed to NBC News.

Speaking in Parliament Tuesday, British Prime Minister Boris Johnson said he would unveil a string of economic sanctions following Moscow's decision to send troops into eastern Ukraine.

Johnson said the U.K. would be sanctioning five Russian banks, as well as three individuals, including Russian billionaire Gennady Timchenko, a close ally of Russian President Vladimir Putin.

"We will prohibit all U.K. individuals and entities from having any dealings with them," he said.

He warned that Britain would take further action if a full-scale invasion of Ukraine were to take place.

"The House should be in no doubt that the deployment of these forces in sovereign Ukrainian territory amounts to a renewed invasion of that country," Johnson said.

"And by denying Ukraine's legitimacy as a state and presenting its very existence as a mortal threat to Russia, Putin is establishing the pretext for a full-scale offensive," he said. 

Kyiv braces for conflict after Putin orders troops into eastern Ukraine

The world was facing up to a new phase in the Ukraine crisis on Tuesday, with Kyiv bracing for a potential conflict with Russia and the West moving to impose sanctions on Moscow.

Russian President Vladimir Putin ordered troops into two breakaway regions in eastern Ukraine after recognizing their independence Monday, threatening a major escalation following months of military buildup and warnings from the West that the Kremlin was trying to create a pretext to invade its neighbor. 

Kyiv’s mayor, Vitali Klitschko, said in a video message Tuesday that Russia had declared war on its neighbor.

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Smoke billows from a power plant after it was shelled in Shchastya, in the Luhansk region, eastern Ukraine, on Tuesday.