Germany's Scholz: We have reports of very extensive Russian troop movements

German Chancellor Olaf Scholz said on Tuesday that they have reports of very extensive movements of Russian troops and called on Russian President Vladimir Putin to immediately stop fighting and remove troops, as reported by Reuters.

"We will certainly add further sanctions packages," Scholz added.

Meanwhile, Ukrainian defence minister claimed that Russia was preparing for a mass disinformation campaign about Ukrainian surrender.

Market reaction

The shared currency is having a difficult time finding demand following these comments. As of writing, the EUR/USD pair was trading at 1.1177, where it was down nearly 0.4% on a daily basis.