However, trading floors remain on edge after Russian President Vladimir Putin ordered his forces into Ukraine to secure the self-declared Donetsk and Lugansk rebel republics, with Western leaders warning that a war could break out imminently.

Global markets have been in turmoil since the move this week, with oil soaring toward the US$100 mark, not seen since 2014, and other commodities also hitting multi-year highs.

Wall Street, which was closed for a holiday on Monday, tanked in early trading but saw a noticeable bounce after US President Joe Biden unveiled a series of sanctions against Russia.

The measures included moves against two Russian banks, cutting the country off from Western financing by targeting Moscow's sovereign debt and penalizing oligarchs who are part of Putin's inner circle and their families.

That came after a series of announcements in Europe, with Germany halting certification of the lucrative Nord Stream 2 gas pipeline from Russia, while Britain targeted five banks and three billionaires.

Canada, Japan and Australia have since followed up with their own punishments.

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