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London (Business CNN) The US dollar went up to a new summit of two decades on Wednesday after Russia said that it was moving 300,000 military reserves in an escalation of the war in Ukraine. In a national television speech on Wednesday, President Vladimir Putin announced an immediate partial mobilization of Russian citizens and threatened to use "all means at our disposal" to defend Russia "and our people". He also referred to the potential use of nuclear weapons. The speech pushed the greenback of 0.4% compared to a basket of large currencies at its strongest level since 2002. Investors often have been looking for a refuge in US dollars during periods of geopolitical tension. Oil prices have also jumped. Brent Crude Futures, the global reference index, won 2.5%, increasing just under $ 93 per barrel. Russian shares slipped 3.5% on Wednesday after the announcement, adding heavy losses on Tuesday after Putin threatened to hold referendums to annex parts of Ukraine still occupied by the Russian forces. The ruble also dropped by almost 3% compared to the US dollar. Read more Gotopnews.com