Meanwhile, selloff pressure intensified amid fears over higher fuel costs as the United States and its European partners are actively considering the banning of Russian oil imports in the wake of Moscow's onslaught in Ukraine.
At close of trade, the benchmark Shanghai Composite Index was down 2.17%, or 74.79 points, to 3,372.86. The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 2.7%, or 61.23 points, to 2,203.41. The blue-chip CSI300 index sank 3.19%, or 143.65 points, to 4,352.78.
The threat of a potential ban on Russian oil imports spurred a surge in energy prices that investors worry could smother economic growth. Crude oil prices soared, with global benchmark Brent crude jumping 5.7% to $124.87 a barrel. Earlier Monday, it topped $130, the highest level since July 2008. The U.S. equivalent, West Texas Intermediate, rose 5.8% to $122.46.
The war in Ukraine, now in its 12th day, has roiled commodity markets, increased tensions between Moscow and the West and led to Russia being unplugged from much of the global financial system.
Market participants are monitoring developments regarding the third round of talks between representatives of Ukraine and Russia, expected to take place later Monday, although hopes for a cease-fire remain low.
ECONOMIC NEWS: China Exports Rise 16.3% While Imports Grow 15.5%- China's exports grew more than expected in January to February period, figures from the General Administration of Customs revealed on Monday. Exports increased 16.3% on a yearly basis, bigger than the expected growth of 15%. At the same time, imports advanced 15.5%. As a result, the trade surplus rose to $115.9 billion. The surplus was forecast to increase moderately to $99.5 billion from $94.5 billion in December.
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CURRENCY NEWS: China's yuan fell against the dollar on Monday after softer mid-point fixing by central bank. Prior to market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.3478 per dollar, 190 pips or 0.3% weaker than the previous fix of 6.3288.
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