Markets may have made Putin blink: Pro

Putin, Ukraine & the markets

As global stocks staged a big rebound Tuesday, the initial plunge seems to have been a major pressure point for Russian President Vladimir Putin concerning Ukraine, said Hans Olsen of Barclays Wealth and Investment Management.

Asked whether the markets or the U.S. government has more influence in determining outcomes in Ukraine, Olsen told CNBC: "I would suggest the markets."

One day after widespread selling, investors took solace in Putin's comments that there's "no need yet" to use military force in Ukraine. He also played down the presence of Russian troops in the Moscow-friendly Crimean peninsula, though he did call the ouster of former Ukrainian leader Viktor Yanukovych an unconstitutional coup.

(Read more: Global markets rally on Putin 'climbdown'; gold falls)

"Putin takes a 19th century approach to conflict and the markets react with a 21st century orientation, which sort of brings him back to the table," Olsen told CNBC's "Squawk Box," adding that it's still early in the crisis and investors shouldn't get too confident of a quick resolution. "We really don't know when he's going to stop or not stop."

(Read more: Belligerent Putin dismisses 'tactical' market turmoil)

Michael Ryan of UBS told CNBC he believes Russia's interests in Ukraine are not likely to expand beyond Crimea. "It's all about the warm water port. It's all about making sure the Black Sea fleet gets access to open oceans."

"I don't think this is going to be the kind of thing that's going to weigh heavily on the markets," predicted Ryan, chief investment strategist for Wealth Management Americas at UBS.

(Read our live blog: Ukraine crisis: Latest news and market reaction)

"It'll be a distraction. It'll be headlines. It'll add to volatility," he continued, "but we don't think this undermines either the economic recovery in Europe or the ongoing recovery that we're seeing in the United States.

Ryan said the direction of the U.S. economy is a "more important story" when talking about market impact.

By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC.