
Stock futures in the United States were recovering from an early Tuesday sell-off, which was triggered by Russian President Vladimir Putin's order to send troops into Ukraine, which put investors on edge about the possibility of further military conflict.
Futures rose as investors sought out less risky assets due to fears that US sanctions could squeeze Russian oil supply.
Given that markets were closed for Presidents Day on Monday, investors could see US stocks open lower on Tuesday.
On Monday, Putin granted independence to two areas of southeastern Ukraine and sent the Russian army into those regions, describing it as a "peacekeeping operation."
United States, United Kingdom, and European Union immediately condemned the move and threatened sanctions. Diplomatic talks with Western nations may be complicated by Russia's recognition of the separatist republics.
UBS strategists said in a note: "We have yet to establish whether the recognition is merely a prelude to a major invasion of Ukraine by Russian forces, as most Western leaders have warned against in recent weeks, or if a new but fragile stalemate emerges."
Putin's decree dramatically escalated an already highly tense situation and gave weight to the threat of war, triggering risk aversion across global markets.
22 Feb 2022
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