Russian assets nosedived as military attacks across Ukraine prompted emergency central bank action and investors braced for the toughest round of Western sanctions yet, wiping out as much as $259 billion in stock-market value.

The cost of insuring Russian debt against default soared to the highest since 2009 and stocks collapsed as much as 45% — their biggest-ever retreat. The ruble sank to a record low, before paring losses. The Bank of Russia said it will intervene in the foreign exchange market for the first time in years and take measures to tame volatility.

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