The Interfax news agency reported on Monday that a senior Russian military official said Russia was ready to open fire on foreign ships and submarines that illegally enter its territorial waters, per Reuters.

The official further added that any decisions to open fire on foreign vessels would however only be taken at the highest level.

Market reaction

Markets remain risk-averse during the European trading hours following these remarks. As of writing, US stocks futures were down between 0.8% and 1.1%, Germany's DAX 30 was losing 2.8%.