Update: And just to make sure Russia has a catalyst: UKRAINE FORCES ATTACK EASTERN CITY OF SLOVYANSK, INTERFAX SAYS
With the US having voiced its support for Ukraine's "anti-terrorist" operations, and Russia strongly supportive of pro-Russian people's decisions to regional self-determination, the threats coming from the newly independent regions are a concern (that markets clearly do not care about):
*DONETSK ARMY SAYS WILL FIGHT UKRAINE FORCES IF DEADLINE IGNORED
Ukrainian military forces have 48 hours to leave the region or Donetsk own "anti-terrorist" forces will fight. Of course, with the US already saying the referendums are illegal and not recognizing them, we suspect it will be time for more sanctions soon (despite the lessons below).