Asian equity markets started the week mixed on Monday, as concerns escalated over Ukraine after exit polls from a weekend referendum showed Crimea voting to join Russia.
Russian news outlets reported on Sunday that 95.5 percent of Crimeans voted to break away from Ukraine and join the Russian Federation. Russia's lower house of parliament has stated that it will pass legislation allowing Crimea to join the nation in the "very near future."
"Further sanctions and other punitive measures are likely to be announced leading to a heightening of tensions and increased risk aversion," warned Mitul Kotecha, Managing Director and Global Head of Foreign Exchange Strategy at Credit Agricole in a note.
(Read more: Crimea vote keeps risk aversion in play)