Asian shares followed Wall Street lower on Friday after the White House warned Russia could invade Ukraine within days.

Japan’s benchmark Topix fell as much as 1.3 percent in early trade, while Hong Kong’s Hang Seng dropped as much as 1 percent. South Korea’s Kospi fell as much as 1.2%.

The losses in Asian stocks followed sharp losses on Wall Street, with the S&P 500 down more than 2% while the tech-focused Nasdaq Composite down nearly 3% After Washington said Russia was on the brink of invading Ukraine.

Speaking at the White House on Thursday, President Joe Biden said there was a “very high risk,” and that he believed that Moscow was engaged in “false flag operations for pretext entry.”

U.S. Secretary of State Anthony Blinken said late Thursday he had invited Russian Foreign Minister Sergey Lavrov to meet in Europe next week to prepare for a possible summit of “key leaders” to address “common security concerns.”

State Department spokesman Ned Price said Russia had responded “later next week” on a possible date for a meeting with Blinken, which the United States “accepted.”

But Price warned that it depends on Russia not invading Ukraine. “If they do invade in the next few days, it will show that they never took diplomacy seriously,” he tweeted.

Financial markets have been volatile over the past week, with developments in Ukraine raising concerns about potential supply chain disruptions, sending energy prices to multi-year highs.

In commodity markets on Friday, oil prices edged lower, with international benchmark Brent crude hitting a seven-year high earlier this week, down 0.7% to $92.28 a barrel. U.S. Standard West Texas Intermediate crude fell 0.9 percent to $90.92.

“If a fight breaks out, investors will react strongly,” said Mansoor Mohi-uddin, chief economist at Bank of Singapore, which could benefit U.S. Treasuries and other safe-haven assets while further pushing up oil and gas prices.

“However, a prolonged downturn in global markets will depend on whether Russia tries to fully occupy Ukraine and whether the United States imposes tough sanctions on Russia’s oil exports,” he said.

Futures markets pointed to further losses in global equities later in the day, with the S&P 500 down 0.6%.

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