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March 03, 2014 AT 3:10 PM
Russian troops said to be 16,000 strong tightened their stranglehold on Ukraine's Crimean Peninsula Monday, openly defying the U.S. and the European Union and rattling world capitals and stock markets. The West struggled to find a way to get Russia to back down, but with little beyond already threatened diplomatic and economic sanctions, global markets fell sharply over the prospect of violent upheaval in the heart of Europe.