The Australian share market has lost more than $70 billion in a single day's trade after Russian President Vladimir Putin formally announced an invasion of Ukraine.

At the close of trade the benchmark S&P/ASX 200 was down 2.99 per cent or 215 points to 6990.6 points.

Over the past five days, the local market has lost more than four per cent of value and the current 12-month average is down 3.14 per cent.

READ MORE: Ukrainian official says Russia has launched a 'full-scale invasion'

Meanwhile, the price of oil and gold continue to explode as investors turn to what are traditionally dubbed "safe haven" assets.

Safe haven assets are those investors believe are not intimately connected to a particular nation's economy.

Following Mr Putin's announcement, the price of gold rocketed up 2.59 per cent to US$1947.

That's a high not seen since the middle of 2021.

READ MORE: CNN reporter hears loud explosions in Ukraine while live on air

Infamous cryptocurrency Bitcoin is continuing to slump.

Following Mr Putin's announcement, BTC plunged almost 8 per cent to a price of US$34,922 per coin.

Gold is not the only asset that is spiking following Russia's announcement.

The price of Brent Crude oil jumped past US$100 a barrel.

Brent Crude oil is named after the oilfield in the North Seas where it is extracted.

It is used to set the price of approximately two-thirds of the world's traded oil supplies and thus is typically used as a barometer for all other oil prices.

READ MORE: Biden condemns 'Russia's unprovoked and unjustified attack' on Ukraine

Typically the higher the price of oil grows, the more expensive fuel becomes.

Overseas, the Moscow Stock Exchange announced it will suspend all trading in all markets.

"Moscow Exchange has suspended trading on all of its markets until further notice," the bourse said in a short statement.

The MOEX has lost approximately 30 per cent of its total value in the past week.

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Explosions have been reported across Ukraine in the moments after Russian President Vladimir Putin announced "military action" would be conducted.

Russian military says it has targeted Ukrainian air bases and other military assets, but hasn't targeted populated areas, AP reported.

In Ukraine's capital, Kyiv, the dramatic moment CNN reporter Matthew Chance heard explosions was caught live on air.

"There are big explosions taking place in Kyiv right now," Chance said.

LIVE UPDATES: Ukraine Interior Ministry reporting invasion has begun

"I can't see where they're taking place from this vantage point here… I can't explain where they are… I heard four or five explosions moments ago."

"It's a remarkable coincidence that I'm hearing these explosions in Kyiv right now just minutes after Vladimir Putin gave that speech."

Chance also claimed over the past few weeks he hasn't heard anything like the explosions and rumblings currently occurring in Kyiv.

In the studio the hosts asked: "Matthew, is it safe where you are?"

Chance then began to put on a bullet proof vest as explosions can be heard in the distance.

9News reporter Carrie Greenbank tweeted that she has woken to the sound of explosions.

READ MORE: Russia declares 'military action' in Ukraine

https://twitter.com/CGreenbank9/status/1496702952165490691?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1496702952165490691%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.9news.com.au%2Fnational%2Faustralia-breaking-news-today-live-russia-ukraine-updates-latest-coronavirus-probuild-headlines-february-24-2022%2F56e7926f-4e0b-4b9c-87db-a362e33ed12d

It's understood the explosions are being heard in the direction of the international airport.

Social media users reported hearing several explosions in the Boryspil area to the east of Kyiv, where the international airport is located about 25 kilometres from the city.

Kharkiv, Ukraine's second biggest city in the north east of the country, has also reported hearing a "steady stream of loud explosions."

Other cities including Kramatorsk, Dnipro, Mariupol, Odessa, and Zaporizhzhia have reported hearing explosions.

READ MORE: UN chief urges Putin to 'give peace a chance' in Ukraine

It comes as Mr Putin just announced Russia's military operation in eastern Ukraine after ongoing concerns of conflict.

READ MORE: Australian sanctions targeting Russia's oligarchs and super-rich

US President Joe Biden has condemned the "unprovoked and unjustified attack by Russian military forces" in a statement following explosions in Ukraine.

"President Putin has chosen a premeditated war that will bring a catastrophic loss of life and human suffering," Mr Biden said.

"Russia alone is responsible for the death and destruction this attack will bring, and the United States and its allies and partners will respond in a united and decisive way.

"The world will hold Russia accountable."

LIVE UPDATES: The latest after Putin orders military operation

The White House statement came in response to explosions across Ukraine, including in the capital of Kyiv.

Shortly before the explosions began, Russian President Vladmir Putin announced a "special military operation" and called for Ukraine's "demilitarisation" in televised remarks.

An adviser for the Interior Minister of Ukraine, Anton Gerashchenko, said Russia's "invasion has begun" with "missile strikes on Kyiv," in an official WhatsApp group with journalists.

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Mr Biden said that he planned to speak to his G-7 counterparts and would give a speech to the US people tomorrow.

He said he intended to announce "further consequences" that the US and its allies planned to impose on Russia over "this needless act of aggression against Ukraine and global peace and security."

"We will also coordinate with our NATO Allies to ensure a strong, united response that deters any aggression against the Alliance," Mr Biden said.

READ MORE: Moment CNN reporter hears loud explosions in Ukraine while live on air

The UN Security Council held an emergency meeting today in New York that unfolded as Mr Putin's speech aired on Russian television and the explosions began in Ukraine.

Ukraine's Ambassador to the United Nations Volodymyr Yelchenko directly questioned Russia's representative in his speech.

"About 48 minutes ago, your president declared war on Ukraine," Mr Yelchenko said.

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"You declared the war. It is the responsibility of this body to stop the war."

US Ambassador to the UN Linda Thomas-Greenfield spoke for a second time at the end of the UN meeting, stating Mr Putin had "delivered a message of war" while the Security Council was meeting.

She said the US would introduce a resolution in the UN tomorrow.

"At the exact time as we are gathered in the Council seeking peace, President Putin delivered a message of war in total disdain for the responsibility of this council," Ms Thomas-Greenfield said.

READ MORE: UN chief urges Putin to 'give peace a chance' in Ukraine

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