Here's some data for you: the president of Ukraine just made a mint on his shorts.
The markets have always been responsive to announcements of political instability--however, this particular instability has teeth IMO. Russia is important to both europe and asia, and it knows it. There is more than one way to make money in this world, and the Russians do not discriminate between the ways.
Expect them to come out of this historical period ahead of the "west" in some ways.
Markets in general are right to be concerned about Russian influence and power. As usual in Russia, it is the handful of people at the top who get the real benefit--although they have to put their wealth somewhere, too, and you can only hold so much physical gold, art, jewels, and other luxury items.
Even though the DJIA is down, I still don't see much of interest, even though many commentators are constantly foaming at the mouth. I got out at the start of 2014, because I believed the markets to be overpriced at that point, and I therefore believe them to still be overpriced today, at basically the same level. I don't think that the 30% gains of 2013 were making up for gains that should have manifested earlier but for some reason, didn't. That 30% was too big, too fast, to be real. In good times, I can see 10%, so I can see a 20% "correction" coming, relative to the 2013 close.
ASSUMING that such a correction will happen, it will be interesting to see what form it takes, if it will be the result of a slow but constant chipping-away at the index levels. IMO that would be very dangerous, because I think that that kind of thing can be psychologically sustained, whereas the shock/response system of a quick drop is likely to be reversed, or at least somewhat compensated for, in a relatively short amount of time.