Here's a quote from Liz-Ann Sonders' market update:
I do just want to just say a couple of words about what seems to be rolling crises within the emerging markets, most recently what's happening in Russia and the Ukraine. And, again, the news is moving, so I hope I don't date myself by the time you read this. But, as of this point, Russian president Putin has retreated to some degree from military action. And I think it's a function of the fact that the market got absolutely crushed the first day of the real crisis. So that, obviously, impacts the elite. It impacts the economy. That doesn't tend to serve politicians well. The currency went into freefall. That's a recipe for a major inflation problem. Russia was facing not only sanctions across the board, but particularly upon the elite, and that hurts across the board[....]
Perceptive of her to note that Putin only stays in power as long as his cronies can make money off him.