US stocks sink as Western sanctions against Russia ramp up while Ukraine talks begin

• US stocks fell on Monday as investors digest ramped-up sanctions against Russia.
• Western countries in Europe and the US announced sanctions against Russian banks designed to cripple the country's economy.
• The Russian ruble plunged to record lows on Monday, and Russia's central bank closed its stock market.

US stocks fell on Monday as investors digest ramped-up sanctions against financial institutions in Russia.

The sanctions come as Russia continues its offensive against Ukraine, though peace talks between delegations from both countries are currently underway.

The sanctions imposed by Europe and the US include removing Russian banks from the SWIFT program, a communications system that serves as the backbone to the global financial system. The sanctions are designed to cripple Russia's economy, and so far they seem to be working.

Russia's ruble fell to record lows against the dollar on Monday, and although the country closed its stock market on Monday, shares of Russian companies that trade on exchanges in London and the US plunged.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Monday:

• S&P 500: 4,345.04, down 0.9%
• Dow Jones Industrial Average: 33,658.60, down 1.17% (400.15 points)
• Nasdaq Composite: 13,579.95, down 0.84%

In addition to closing its stock market and instituting a ban on the short-selling of Russian securities, the central bank of Russia instructed brokers to not execute sell orders from foreigners. The central bank of Russia also doubled its interest rate to 20% in an attempt to prevent hyperinflation and a total collapse of its currency.

The financial harm suffered by Russia in recent days led to long lines at ATMs in Russia as its citizens pull cash out of their accounts and attempt to convert it into US dollars and other foreign currencies.

Ukraine is calling for more penalties to be imposed on Russia, including cutting the country's citizens off from cryptocurrency exchanges. It's time to "sabotage ordinary users," Ukraine's deputy prime minister said.

West Texas Intermediate crude oil rose as much as 3.96% to $95.22 per barrel. Brent crude, oil's international benchmark, fell as much as 0.14% to $97.79 per barrel. Bitcoin prices rose 3.03% to $38,981.

Gold rose as much as 1.53% to $1,916.40 per ounce. The yield on the 10-year Treasury fell 8 basis points to 1.89%.