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Strategists: Watch risk Monday amid Ukraine crisis

Investors may be wise to avoid significant risk this week given the brewing situation in Ukraine, BNY Mellon's markets strategy team said on Saturday.

The crisis escalated quickly Saturday, with Russian President Vladimir Putin asking for—and quickly getting—parliamentary approval to send troops into Ukraine. That country's government in turn put soldiers on combat alert and asked for the international community's aid.

(Read more: Markets overview)

Markets have thus far largely shrugged off the situation in Ukraine, notwithstanding a small dip in U.S. stocks late Friday afternoon. But amid that tension, BNY Mellon said Russian action had contributed to three "major bouts of risk aversion" in the last 35 years.

"Prudence therefore suggests that a risk averse stance might be appropriate as markets reopen for the new trading week," the BNY team wrote.

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