European markets are falling sharply as investors digest news of mounting sanctions on Russia, a major oil exporter and the world's 11th largest economy. French and German shares are down by the most, with benchmarks there losing around 3%. Wall Street stocks are also set to open with steep losses when trading begins in the US on Monday. Russia's growing economic isolation has also sent its currency, the ruble, crashing by around 30%. Meanwhile, China has come out against Western restrictions, calling them illegal.

Cornelia Meyer is an economist and independent oil industry analyst, and joined us from Bern in Switzerland.

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