Russian Prime Minister Putin accepts two breakaway regions in Eastern Ukraine, escalating tensions and causing stock and currency markets to fall.

Russian Prime Minister Putin announced that he recognizes two separatist regions in eastern Ukraine. These regions have historically identified more with Russian culture, and in 2014 voted for independence to become part of Russia, but were not accepted by Russia until today. Putin also ordered troops to advance towards the separatist regions of Ukraine and denied any invasion plans.

In addition to condemning and warning Russia for its threat to Ukraine's sovereignty, the European Union and the United States are planning economic sanctions against Russia. The United States and the United Kingdom also plan to impose economic sanctions on Russia. The UN Security Council considers Russia's actions as an invasion; under the urging of many countries, the United Nations has been called to discuss the Russia-Ukraine issue on Monday night at nine o'clock in New York time.

Russia-Ukraine Tensions Lead to Stock Market Plunge, Oil Prices Surge

The escalating tensions between Russia and Ukraine caused a sharp decline in U.S. stock futures on Monday as the U.S. market was closed for a public holiday. Oil prices surged past $90, marking an over 80% increase since the beginning of 2021.

Cryptocurrency Market Follows Suit with Declines

Want to Learn More About the History of the Russia-Ukraine Conflict?

Check out the explanation by YouTube channel Cheap: