Jan. 26, 2022, Russian President Vladimir Putin attends a cabinet meeting at the Novo-Ogaryovo residence outside Moscow, Russia. The White House and U.S officials have threatened Russia with financial sanctions carrying “severe consequences” if Moscow invades Ukraine. Credit: (Associated Press)

After plummeting on Thursday, European, UK and Asian stock markets have rebounded after co-ordinated Western sanctions against Russia.

As concerns ease over the impact of the sanctions, the global stock market is slowly returning to normal, according to the BBC.

The sanctions were carefully decided by the United States, the European Union and Britain in order to minimise the cost and damage caused by the sanctions currently placed on Russia.

Orders from US President Joe Biden included cutting off 44 Russian state-owned banks from the U.S financial system. The EU targeted a wider range of Russian interests in order to cripple the nation by freezing the assets of banks and notable Russian elites alike, with leading state “propagandists” named amongst high-ranking military and political figures.

The Russian controlled states Donetsk and Luhansk which lie in Eastern Ukraine have also been feeling the pressure, as EU leaders draw up trade restrictions with the region.

Despite the widespread unease, the UK’s FTSE 100 index rose more than 2%, with stock markets in France and Germany each raising over 1% higher. After investors globally sold off shares following Russia’s invasion, Jane Foley – head of currency strategy at Rabobank – believes people are “looking for bargains.”

Speaking to the BBC, Ms Foley stated that there are many firms in emerging markets that will “be doing so well in this crisis, because other countries will be looking to buy their commodities from other markets that aren’t Russian.”

RAC fuel spokesman Simon Williams, however, states that the UK will still be getting some of the effects back home, as 6% of the UK’s crude oil and 5% of its gas are sourced in Russia. The combination of the weak pound with rising crude oil prices means that the UK will see a rise in petrol cost. He stated: “Sadly, more increases are on the way.”