"This is a case that can’t be considered in isolation from history," says Russian Foreign Minister Lavrov after wrapping up a long meeting with Sec. of State John Kerry. "Everybody knows what Crimea means for Russia, and it is more than what the Comoros means for France, or the Falklands for Great Britain."
Russian has a legal right to annex Crimea, he says, but has no plans to send forces into Eastern Ukraine. His country, he says, will respect the results of Sunday's Crimean referendum on whether to join Russia.
Stocks are taking the news in stride, the S&P 500 (SPY) about flat on the session.