* Rouble falls to 89.99 against the dollar

* MSCI's EM equity index set for worst day in 2 years

* Turkish lira falls to two-month low

* Safe-havens dollar, gold rise

Feb 24 (Reuters) - Russia's rouble plunged to a record low on Thursday and emerging market stocks eyed their worst day since the onset of the pandemic after Russian forces launched an all-out invasion of Ukraine by land, air and sea.

Ukraine reported columns of troops pouring across its borders into the eastern Chernihiv, Kharkiv and Luhansk regions, and landing by sea at the cities of Odessa and Mariupol in the south.

The rouble tumbled 5.8% to a record low of 89.99 against the dollar after MOEX Group, which runs the Moscow Exchange, lifted a temporary trading suspension imposed earlier in the day.

Yields on the Russian 10-year benchmark dollar bonds rose to 10.96%, the highest since early 2016.

With investors worldwide fleeing risk assets, the MSCI's gauge for emerging market stocks dropped 4.3% and headed for its worst day since March 2020.

The rouble-denominated MOEX stock index slumped 43.3% while the dollar-denominated RTS tumbled over 47.9%. Both were set for their worst one-day percentage declines on record.

Ukraine closed its airspace to civilian flights on Thursday, citing a high risk to safety, while the Interfax news agency said Russia has suspended movement of commercial vessels in the Azov sea until further notice.

The United States and its allies will impose "severe sanctions" on Russia, U.S. President Joe Biden said.

"What's going to happen, only Putin knows. As usual, Russian sources denied any intention to be militarily involved in Ukraine – and here we are, in the largest scale military operation in Europe since WWII," said Cristian Maggio, head of strategy at TD Securities.

Maggio added that the Russian rouble and the Turkish lira are likely to take the worst hit.

The lira weakened 2.5% against the dollar to a two-month low.

A war between NATO member Turkey's Black Sea neighbours Russia and Ukraine could harm Ankara's already ailing economy after a currency crisis in December.

Ukraine's central bank banned foreign currency purchases on the interbank market and fixed the official hryvnia exchange rate, while the stock market regulator decided to stop the circulation of all securities.

The South African rand fell 1%.

In response to South Africa's 2022 budget, unveiled on Wednesday, Fitch Ratings pointed to difficulties containing spending and warned that recent strong revenue growth may prove temporary.

Safe-haven bets rose, with the dollar gaining 0.5% and gold prices jumping to their highest in more than a year.

For GRAPHIC on emerging market FX performance in 2022, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2022, see https://tmsnrt.rs/2OusNdX

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For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see (Reporting by Shreyashi Sanyal and Anisha Sircar in Bengaluru; Editing by Devika Syamnath)