Fears of war are rising as Russia recognises rebel regions in Ukraine.

Key Takeaways:

• Russia's decision to recognize the rebel areas of Donetsk and Luhansk in eastern Ukraine as distinct states have prompted outrage throughout the world.
• Global markets are predicted to collapse as a result of new developments in Russia-Ukraine tensions.

Despite demands from the west to ease the tensions caused by worries that Russia would invade Ukraine, Russia's decision to recognize the rebel territories in eastern Ukraine – Donetsk and Luhansk – as separate entities have sparked widespread condemnation throughout the world.

Here are some of the most recent developments in the Ukraine-Russia conflict:

Ukraine's leader, Volodymyr Zelensky, cited AFP as stating, "We are not frightened of anything or anybody." He claimed Russia's move was "a breach of the former Soviet state's sovereignty and territorial integrity," He sought "unequivocal support" from the west.

According to reports, Vladimir Putin ordered soldiers in the two separatist areas to "maintain the peace" hours after Russia's recognition. Recognizing the separatist regions of Ukraine, which goes against the 2015 peace agreement, provides an excuse for Russia to invade. According to Reuters, tanks were sighted in Donetsk.

The United Nations Security Council might have an emergency meeting on the matter (at 9 p.m. New York Time on Monday), during which India will also make a statement. According to U.N. Secretary-General Antonio Guterres, Moscow's action is a "breach" of Ukraine's territorial integrity and sovereignty, as well as a violation of the UN Charter's provisions.

Sanctions against "new investment, trade, and funding by U.S. people to, from, or in" the U.S. has already proclaimed the two breakaway areas As per the White House, U.S. President Joe Biden will sign the executive order soon, and the U.S. "also grants power to apply sanctions on any individual determined to operate in specific areas of Ukraine."

Japan is expected to join US-led sanctions, while French officials have been reported in publications indicating that the E.U. is also considering harsh measures against the Kremlin. The E.U. has denounced Russia for "a flagrant violation of international law and the Minsk accords," according to the E.U.

An irate Putin stated in a televised address that it was important to "take a long-overdue decision, to instantly recognize the independence" of the two regions, according to Reuters, calling Ukraine a "puppet" of the west. "We demand a rapid stop to the military activities of those who took and held power in Kyiv," he stated.

The United Kingdom has also threatened additional penalties. "It reflects Russia's choice to pick a course of conflict over the conversation," Foreign Secretary Liz Truss said of Russia's newest action.

Following the recent developments in Russia-Ukraine hostilities, global markets are expected to plummet.

Scott Morrison, Australia's prime minister, slammed Putin. "It's outrageous, unjustified, and unnecessary," he added. "Any claim that they're peacekeepers is rubbish."

Stresses have been at an all-time high in recent weeks, with Russia amassing around 150,000 troops on Ukraine's borders in one of the biggest crises since the Cold War.