European markets plummet after Russia launches attack on Ukraine; Stoxx 600 down 3.6%

LONDON — European stocks sold off sharply on Thursday after Russia began an attack on Ukraine , tipping a longstanding diplomatic crisis into a military conflict.

The pan-European Stoxx 600 dropped 3.6% by early afternoon to its lowest point of the year, with banks plunging 6.8% to lead losses as all sector sand major bourses slid into negative territory.

Global markets were rocked on Thursday on the news that Russia has launched an attack on Ukraine, and one that appears to be more widespread that expected.

Multiple explosions across Ukraine were reported by journalists and government officials in at least four cities early Thursday morning local time, undermining Russian President Vladimir Putin's claim that Russia was launching a military operation that would be limited to the far east of the country.