Russia’s Foreign Ministry: Response to Western sanctions will be sensitive and precise

“The response to Western sanctions will be sensitive and precise,” RIA Novosti reports, citing the Russian Foreign Ministry.

US President Joe Biden on Tuesday announced an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine.

Market reaction

The Russian threat seems to have little to no impact on the market sentiment, as risk-on flows remain at full steam.

The S&P 500 futures are up 1.05% on the day while the Euro Stoxx 50 jump roughly 3.50% in early dealings.