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Markets brace for heavy falls as Russia-Ukraine crisis escalates

Investors were bracing for a torrid day for Russian, Ukrainian and wider global markets when they reopen on Tuesday, after Vladimir Putin upped the ante in a crisis the West fears could unleash a major war. In a lengthy televised address, the Russian president recognised two breakaway regions Donetsk and Luhansk in eastern Ukraine as independent entities and described Ukraine as an integral part of Russia’s history. Tensions have already rattled global markets this year and wiped tens of billions of dollars off the value of Russian and Ukraine assets, but Monday’s escalation is expected to cause much worse.

Oil rises as Russia-West stand-off alarms tight market

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