Mounting concerns over the conflict are hitting global financial markets driving up crude prices to an eight-year high.
Oil prices surged nearly 5% and stock prices dropped after Russian President Vladimir Putin recognized the independence of rebel-held regions of Ukraine, raising fears that a full-scale invasion was near.
, adding to fears of a full-scale invasion. Those actions have undermined hopes for averting a conflict that could cause massive casualties, energy shortages on the European continent and economic chaos around the globe. Putin on Monday claimed that Ukraine's modern borders were put into being by the USSR and said that Russian troops in Luhansk and Donetsk were necessary to protect the rights of Russian-speaking people in the region. Putin received no support for his actions from members of the U.N. Security Council at an emergency meeting Monday night.
"The current situation is tightening financial conditions for Russian companies, destabilizing markets and reducing business predictability," Elena Nazarova of FxPro said in a commentary.
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