Indices slump 3% as fears on Ukraine grow; India VIX index jumps 23%

Economists warned that US sanctions on Russia would have a severe impact on food, energy and metal prices

Global stocks were caught in the crosshairs of Russia-Ukraine tensions on Monday, with India’s benchmark indices falling more than 3 per cent as the threat of an imminent war prompted investors to flee risky assets.

Brent crude prices rose past $96 a barrel, the highest level in more than seven years, stoking concerns that they will dent corporate profitability and worsen the macroeconomic situation. Other commodities also rallied on fears of US sanctions against Russia, sparking worries about further acceleration in inflation. The call by a US Federal Reserve official for raising interest rates by a full percentage point also