European markets set to plummet at the open as new sanctions are imposed on Russia

LONDON — European stocks are expected to open sharply lower on Monday as global markets track developments in the Russia-Ukraine crisis.

The U.K.’s FTSE index is seen opening 117 points lower at 7,370, Germany’s DAX 538 points lower at 14,007, France’s CAC 40 down 228 points at 6,521 and Italy’s FTSE MIB 968 points lower t 24,761, according to IG.

The Russian advance into Ukraine has continued throughout the weekend. Russian military vehicles entered Ukraine’s second-largest city Kharkiv, with reports of fighting taking place and residents being warned to stay in shelters.

More sanctions have been imposed on Russia for its invasion of Ukraine, with the U.S., Europe and Canada agreeing Saturday to remove key Russian banks from the interbank messaging system, SWIFT. The U.K. and EU have also closed their airspace to Russian aircraft.

Russian President Vladimir Putin put his country’s nuclear deterrence forces on high alert Sunday amid a growing global backlash against the invasion. Ukraine’s Defense Ministry said representatives for Ukraine and Russia have agreed to meet on the Ukraine-Belarus border “with no preconditions.”

U.S. stock futures moved lower in overnight trading on Sunday as investors grew concerned about the economic ramifications of the Russia-Ukraine crisis, meanwhile shares in Asia-Pacific were mixed on Monday. Oil futures were up more than 5% and the Russian ruble dived around 29% against the dollar on Monday morning, as markets assessed the impact of sanctions on Russia.

Earnings come from Atos, Signify and GSK on Monday with data releases including preliminary inflation data from Spain and Portugal for February.

— CNBC.com staff contributed to this market report.