Sunday’s referendum results showed that 93% of those who voted were in favor of leaving Ukraine over Russia. The polls did not sit well with the United States and the European Union, stating that Russia’s actions were “dangerous and destabilizing.” Russian President, Vladimir Putin however, dispelled these criticisms saying that the referendum reflects the will of the Crimean people.

Global markets have been holding their breath, as they await further response from Russia. In Australia, The S&P/ASX 200 Index was down by 2.4 per cent for the week, ending at 5329 points on Friday. AMP Capital’s Shane Oliver believes that the decision will be a dominant factor on the performance of the global markets for the coming weeks.

Read more about this on the Sydney Morning Herald website.