The U.S. dollar gained ground against some of its major counterparts on Tuesday, on rising bond yields and an escalation in tensions between Russia and Ukraine.
Tensions between Russia and Ukraine escalated after Russian President Vladimir Putin recognized two breakaway regions in eastern Ukraine as independent entities and ordered the army to launch what Moscow called a peacekeeping operation into the area.
Following the move, the U.K. announced a “first tranche” of sanctions on Russia, targeting five Russian banks and three “very high net worth” individuals.
Describing the latest actions by Russia as the beginning of an “invasion” of Ukraine, U.S. President Joe Biden announced the “first tranche” of U.S. sanctions.
“I’m going to begin to impose sanctions in response, far beyond the steps we and our allies and partners implemented in 2014,” Biden said from the White House. “And if Russia goes further with this invasion, we stand…