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March 17, 2014 AT 3:54 AM
Confirmation that the people of the Ukrainian region of Crimea have voted to join Russia caused barely a ripple in financial markets Monday, partly because the verdict had been widely discounted. Worries that the Crimea issue might prompt an escalation in tensions between Russia and Western powers have driven financial markets over the past few weeks. In the run-up to Sunday's referendum, many stock markets around the world hit multi-week lows while 'safe haven' investments such as the Japanese yen and gold advanced.