Wall Street Today | EU will fund arms deliveries to Ukraine and hit Russia with new sanctions

$S&P 500 Index (.SPX.US)$ contracts lost more than 2%, while those for the technology-heavy $NASDAQ 100 Index (.NDX.US)$ tumbled some 3%. Crude oil surged in excess of 7% at one point.

Gold rallied more than 2% after Western nations ramped up sanctions on Russia in response to its assault on Ukraine, spurring demand for the haven asset.

BP offloads its nearly 20% stake in Russia's Rosneft

British energy giant $BP PLC (BP.US)$ announced Sunday it was offloading its 19.75% stake in Rosneft, a Russian-controlled oil company. BP CEO Bernard Looney and former exec Bob Dudley is also resigning from Rosneft's board, effective immediately.

"This military action represents a fundamental change," BP chair Helge Lund said in a statement.

$CREDIT SUISSE GROUP (CSGKF.US)$ strategist Zoltan Pozsar thinks, current excess reserves and reverse repurchase agreement facilities won't be enough, and monetary authorities will need to act. And the upshot from that is that the Federal Reserve, which has been paving the way to start shrinking its balance sheet through so-called quantitative tightening, might actually expand it again first.

Warren Buffett's $Berkshire Hathaway-A (BRK.A.US)$ has amassed $158 billion of domestic infrastructure assets, a feat the billionaire investor said underscored the conglomerate's stature as an industrial powerhouse which he only expects to grow.