French presidency: Measures would be taken if gov't-controlled Ukraine was invaded

Excluded from government control are the separatist regions.

What he's appears to be saying here is that actions (or at least harsh ones) won't be taken if Russia's military goes into the separatist areas.

So there's a possible outcome here where Russia is spared harsh sanctions if it's military only secures the separatist regions. Russia's army could take those regions unopposed, Putin could declare them independent on Sunday and say there will only be bloodshed if there's a Ukrainian counterattack.

Then the US and Europe put on some token sanctions and Russia shrugs them off. Ukraine protests but don't provoke Russia further. That's a negative story for oil and likely positive for risk, though it might take a few days for things to cool down. JPY JPY The Japanese yen (JPY) is the official currency of Japan and at the time of writing is the third most-traded currency in the world behind only the US dollar and euro.The JPY is used extensively as a reserve currency and is relied upon by forex traders as a safe haven currency.Originally implemented in 1871, the JPY has had a long history and has survived multiple world wars and other events. This was followed by the creation of the Bank of Japan (BoJ) in 1882 and the full oversight of the JPY by The Japanese yen (JPY) is the official currency of Japan and at the time of writing is the third most-traded currency in the world behind only the US dollar and euro.The JPY is used extensively as a reserve currency and is relied upon by forex traders as a safe haven currency.Originally implemented in 1871, the JPY has had a long history and has survived multiple world wars and other events. This was followed by the creation of the Bank of Japan (BoJ) in 1882 and the full oversight of the JPY by Read this Term might benefit in the near term.