MILAN (Reuters) -Shares in Telecom Italia (TIM) hit record lows on Monday as the head of Italy's biggest phone group met investors to try to persuade them of the merits of his plans to revive the former phone monopoly.

Nissan Motor Co said on Monday it would halt work at its factory in the Russian city of St Petersburg in the coming days, according to the RIA Novosti news agency.

Oil and other commodities prices soared while global shares sank on Monday as the risk of a U.S. and European ban on Russian crude imports threatened supply chains and heaped further inflationary pressure on economies worldwide.

The U.S. Justice Department last week launched a task force aimed at choking off assets that Russian oligarchs own in the United States, part of Washington's efforts to pressure Moscow to cease its invasion of Ukraine.

The U.S. dollar reversed almost all of its earlier gains while the euro found itself on a steadier footing on Monday as oil prices retreated from highs reached as the United States and Europe considered banning Russian crude.

Financial markets have functioned well since Russia invaded Ukraine and the West hit Moscow with crippling sanctions, but markets are showing some signs of strain, U.S. Treasury Undersecretary for Domestic Finance Nellie Liang said on Monday.