Swedbank, with property worth SEK 300 million in Ukraine, saw its share price fall 2.5 percent. All companies in the top OMXS30 index fell, although Scania only lost 0.1 percent, boosted by Volkswagen's bid.
Swedish companies with strong connections to Russia were hit hard, reports news agency TT. These include investment company Vostok Nafta, down 9.4 percent, and East Capital Explorer, losing 8.1 percent. Landowner Black Earth Farming, with estates in Ukraine, fell by 12.6 percent.
The potential war is also pushing up oil and gold prices.