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

The euro tanked more than 1% versus the dollar on Monday and was on track for its biggest three-day loss in two years as soaring oil prices stoked fears of a stagflationary shock that could hammer European recovery hopes.

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

European bank stocks tumbled again on Monday as more financial firms cut ties with Russia and others braced for further impact from the country's invasion of Ukraine.

Palladium shot up to an all-time high as Russia's invasion of Ukraine and resultant sanctions stoked fear of scarcity, while gold tested the psychological $2,000 mark in response to demand for safe-haven assets.

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.