Western nations imposes new sanctions on Russia on Tuesday after President Putin recognises breakaway regions of Donetsk and Luhansk.
One of the harshest measures would be to disconnect the Russian financial system from SWIFT, which handles international financial transfers.
The measures target Russian banks and sovereign debt, among other steps
The intensifying stand-off - and the response from the US and Europe - has the potential to roil raw materials markets
The historical reality of Ukraine is complicated, a thousand-year history of changing religions, borders and peoples
Following Putin's decision, the UN Security Council, under Russia's Presidency for the month, held an emergency open briefing called for by Ukraine.
Several European leaders said earlier in the day that Russian troops have moved into rebel-held areas in eastern Ukraine after Putin recognized their independence
The West insisted Putin's bold moves in Ukraine violated countless international agreements and since the words of diplomacy had failed, it was time to move towards action
Britain has threatened to cut off Russian companies' access to US dollars and British pounds, blocking them from raising capital in London
Lawmakers in the Kremlin-controlled parliament are likely to rubber-stamp legislation authorising the use of troops in in the separatist regions, an area known as Donbas
The UK PM accused Putin of "plainly" violating Ukrainian sovereignty and "the over-running, the subjugation of an independent, sovereign European country
New Russia bills, which are likely to be quickly rubber-stamped by the Kremlin-controlled parliament, came a day after President Putin recognised the independence of the regions in eastern Ukraine
The U.S. called his moves a pretext for a further invasion, many members condemned his violation of Ukraine's territorial integrity
Russian President Vladimir Putin ordered troops to two breakaway regions in Ukraine, sending the euro one-month volatility to its highest level since November 2020
'The US president has taken some initiative on his behalf. India wants peace to be established in any way. We are sure that when talks take place, some way or the other will come out,' said Singh
The threat of new sanctions underscores the West's difficulty in preventing a military conflict that's long been portrayed as inevitable
Putin on Monday recognised two breakaway regions in eastern Ukraine as independent and ordered the Russian army to launch what Moscow called a peacekeeping operation into the area
Japan's Nikkei share average tumbled more than 2% on Tuesday, extending losses to a fourth session, as sentiment soured further following an escalation in tensions around Ukraine.
Russia is a major energy producer and the tensions have led to extremely volatile energy prices.
Ukraine's president, Volodymyr Zelenskyy, sought to project calm, telling the country: We are not afraid of anyone or anything.