The White House is out with a statement by President Biden on Russia's unprovoked and unjustified attack on Ukraine.

Key takeaways

“The prayers of the entire world are with the people of Ukraine tonight as they suffer an unprovoked and unjustified attack by Russian military forces.”

“President Putin has chosen a premeditated war that will bring a catastrophic loss of life and human suffering. Russia alone is responsible for the death and destruction this attack will bring, and the United States and its Allies and partners will respond in a united and decisive way. The world will hold Russia accountable.”

“I will be monitoring the situation from the White House this evening and will continue to get regular updates from my national security team. Tomorrow, I will meet with my G7 counterparts in the morning and then speak to the American people to announce the further consequences the United States and our Allies and partners will impose on Russia for this needless act of aggression against Ukraine and global peace and security.”

“We will also coordinate with our NATO Allies to ensure a strong, united response that deters any aggression against the Alliance. Tonight, Jill and I are praying for the brave and proud people of Ukraine.”

Market reaction

The US dollar index is trading close to 96.50 on the Russian invasion of Ukraine, underpinned by the safe-haven flows, as the world awaits the Western response and the G7 meeting.