Russia’s military intervention in Ukraine threatens to derail energy exploration in a region that holds a quarter of the world’s natural gas reserves, weigh on currencies and force companies to work to contain the damage.
Stocks slid, with an index of global equities tumbling the most in a month, while the ruble weakened to an all-time low as Russia’s growing military presence in Ukraine prompted an emerging-market selloff. The yen, U.S. Treasuries and gold rose as investors sought havens.
Ukraine’s acting President Oleksandr Turchynov said Russian troops are “directly involved” in the growing conflict in the Crimea and called for support from the UN and other international organizations.
The ruble weakened, heading for its biggest drop against Bank Rossii’s basket of target currencies in three weeks, after oil fell and an increase in Australian unemployment spurred concern that economic growth is slowing.