Frankfurt DAX: 5163.51 (-324.71)

The German equity market was the hardest hit in Europe because of the country's proximity to Russia and the fact that German banks are Russia's biggest creditors.

Among the biggest German decliners were banks. Deutsche Bank fell 5.3 per cent and Dresdner Bank fell 6.7 per cent.

Paris CAC-40: 3943.68 (-143.81)

Paris stocks ended more than 3.5 per cent down with the index swamped beneath a tidal wave of concern about deepening economic crises in Russia and Latin America.

Milan Mibtel: 22967 (-872)

The Milan bourse ended sharply lower on fears about Russia and Latin America.