Good Morning: Markets have reacted violently and decidedly to the Russian sanction escalation. Behavior is almost the same as in previous liquidity events like Lehman in 2008 and Covid in March 2020. The Venn diagram of why things are doing what they are doing is an intersection of these things:

If an asset is backed by Lehman Russian money, you are unable to sell it

If your asset is exposed to, or even perceived as exposed to Lehman Russian counterparty risk, that asset will drop in value

If an asset is physical in nature and consumed, it will (EDIT: not) be sold cheaply to raise dollars, especially if it is Gold and Silver which will be punished by US Banks for US dollars