A spokesperson for Germany's foreign ministry said on Monday that sanctions against Russia would be put in place after further infringements of Ukraine, as reported by Reuters.

Additional takeaways

"French foreign minister will discuss Ukraine with German foreign minister after the cabinet meeting."

"We are in an extremely dangerous situation."

"Not aware of any consideration of sanctions against Belarus."

"Scholz will speak with Putin by phone this afternoon."

Market reaction

These comments don't seem to be having a significant impact on risk sentiment. As of writing, the US Dollar Index was down 0.3% on the day at 95.82.