Is Wall Street right to ignore Ukraine?

The sometimes-violent fracturing of Ukraine has commanded international headlines, evoked scary comparisons with Cold War-era diplomatic chess games and spurred the White House to send Vice President Biden to Kiev, in a bid to calm the crisis.
 
So why are global financial markets mostly shrugging over the geopolitical drama?
 
Sure, the Russian stock market (RSX) and the world value of the ruble (RUB=X)  have been hammered as Western economic sanctions take hold. Potential disruptions of Ukrainian grain shipments have lent force to the rally in some agricultural commodities. And Continental Europe is bracing for potentially crippling constraints in Russia’s crucial natural-gas exports.
 
Yet, on the whole, stock markets have registered little alarm over possible economic and geopolitical ripple effects from Russia’s de facto annexation of the Crimean region and apparently building risk of all-out civil war in Ukraine.

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