Russian and Belarusian troops will continue their joint exercises near Ukraine, which were expected to end on Sunday, due to the "escalating situation" in Donbas.

Has war been declared? Following a day during which the Kremlin ratcheted up its rhetoric, François Picard’s panel weighs the consequences of the call in Moscow to recognise Ukraine’s pro-Russian separatist regions of Donetsk and Luhansk. They also discuss Vladimir Putin’s ultimate goal.

Russia's move to recognise the breakaway Ukrainian regions of Donetsk and Luhansk has sent ripples through global markets on Tuesday, with falls across Asia, and in early trading in Europe. Oil prices also jumped, with the international benchmark Brent Crude hitting its highest level since mid-2014. Investors are now focusing on which sanctions the United States, the United Kingdom and the European Union might impose on Russia in response.

Global stock markets have taken a beating as investors rush for safe havens amid an escalation in geopolitical tensions over Ukraine. Russian stocks and bonds as well as the ruble are among the biggest losers.

Victoria Scholar, head of investment at Interactive Investor, says the geopolitical volatility and limited supplies mean oil prices will continue to rise and are likely to pass well beyond the symbolic $100 per barrel level.

Tensions in eastern Ukraine have been rising for weeks. DW reports from the village of Vrubivka, where many are leaving and those who stay live in constant fear of shelling.

The Ukrainian cities of Donetsk and Luhansk are making global headlines. Russia-backed separatists declared independence from Kyiv in 2014. Since then Russian control over parts of the Donbas region has grown.

Experts say Beijing wants to avoid overtly taking sides, while looking for divisions in how Western countries respond to Russian aggression.

How to respond to Russia's soldiers and tanks? After months of buildup and shuttle diplomacy, the gloves are now off as Russian President Vladimir Putin's has made his move for southeastern Ukraine. How far is the West willing to go for a non-NATO member that is pining to join the military alliance?

US President Joe Biden on Tuesday announced sanctions against Russian banks and the country's wealthy elite after what he said was Moscow's launching of an invasion against Ukraine.

World powers, including the United States and the European Union, have announced their first round of sanctions against Russia over its recognition of two breakaway republics in Ukraine. They include blacklisting certain banks, barring American and European banks from trading Russian government bonds, and targeting individuals with asset freezes and travel bans. FRANCE 24's Business Editor Stephen Carroll looks at how the measures might affect the Russian economy.

Russia declares war against Ukraine - that's how the western press reports on Vladimir Putin's decision to launch a full-scale military operation in Ukraine. Russian government websites, meanwhile, deny such operations. We also look at the underlying reasons for why diplomacy has failed and finally, bring you the illustrated press' take on the situation.