KEY POINTS
  • Putin on Monday formally recognized Luhansk and Donetsk as Russian-backed separatist-controlled regions in Ukraine and sent troops to the areas to "maintain peace."
  • The directive appeared to dash any remaining hopes of averting conflict and kickstarted a frenzied scramble by heads of government around the world to respond.
  • Global stocks tumbled on Tuesday morning, while oil prices surged on the news.
Russia's President Vladimir Putin addresses the nation on the recognition of independence of the Donetsk and Lugansk People's Republics on February 21, 2022.

The decision by Russian President Vladimir Putin to order forces into separatist regions of eastern Ukraine has drawn international condemnation, with many world leaders threatening economic sanctions and others decrying a violation of international law.

Putin on Monday formally recognized Luhansk and Donetsk as Russian-backed separatist-controlled regions in Ukraine and sent troops to the areas to "maintain peace."