So the day has ended with stocks down, nearly 1.5% in the UK and also 11% down in the ever volatile Russian market.
A key point to remember is what Russia exports - mainly oil and gas. The key indicator for these are gas prices and the Brent crude benchmark. As can been seen from the chart - the price of oil has risen although not too much on the situation in Crimea.
Gold to had a little spike and Russia is a big net exporter of Gold. Finally European Gas prices increased 10% at one stage which was a much bigger drop.
However, often overlooked is the conspiracy theory view of events - ever popular, normally wrong. The thing here is Russian reliance on exports to pay for its budgets. It's all very well comparing Putin to Hitler or Stalin, but perhaps more prosaic action is necessary to explain his actions. yes, nationalism but also economic nationalism.
Russia's budget needs oil to hold firm above $98 a barrel to balance its budget according to Saudi Economists - this is pre-intervention costs. The price is now firmly set when in February before the crisis rose to prominence then oil was flirting with $100 and less.
No need to worry about budget crisis now; the deeper the crisis, the higher the oil price, the richer Russia gets.