HONG KONG (CNNMoney)
The slump in the markets was led by Japan's benchmark Nikkei, tumbling 1.8%. Korea's Kospi index dropped 0.9%, while Hong Kong's Hang Seng fell 0.7%, and Australia's ASX All Ordinaries shed 0.6%.
Until now, building political tensions in Ukraine have mostly had a muted impact on global markets, except for a tumble last Thursday as investors sought refuge in traditional "safe haven" assets.
But investors are growing more concerned over the region's political and economic stability. The Ukrainian government owes $13 billion in debt this year, and another $16 billion is due before the end of 2015. Without help, the country appears to be headed for default.
Related story: Ukraine crisis: Why it matters to the world economy
"The threat of war, the central government in Kiev losing control over eastern regions, fear of imminent default -- these are all unnerving messages for markets," said IHS Global Insight's Lilit Gevorgyan. "Many investors do not have much faith that the country is going to quickly turn around from the double political and economic crisis."
Gevorgyan said stocks of Ukrainian companies and foreign firms with exposure to the country have already taken a hit.
Energy markets are also on tenterhooks as the political crisis fuels fears of a gas disruption. And global grain prices could rise if corn and wheat exports were halted from Ukraine -- one of the world's top grain producers.
Related story: What's next for Ukraine's economy?
The political catastrophe comes at a time when investors are already wary of emerging markets worldwide, which are seeing growth slow as the U.S. Federal Reserve eases its economic stimulus.
Ukraine has been in chaos since the country's president, Viktor Yanukovych, was ousted in February, following months of anti-government protests. Political unrest was originally sparked after Yanukovych spurned a deal with the EU, instead favoring closer ties with neighboring Russia. Russia has now moved forward with military intervention, even after threats of serious sanctions from the U.S. and Europe.
Ukraine's interim prime minister Arseniy Yatsenyuk said on Sunday the country is "on the brink of disaster."
--Alanna Petroff contributed reporting 
First Published: March 3, 2014: 12:14 AM ET
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