Russian Foreign Minister Sergei Lavrov said on Tuesday that Ukraine does not have a right to sovereignty, Reuters reported, citing the Ifax news agency.

Additionally, Russia's foreign ministry called on other countries to recognise the two breakaway regions in eastern Ukraine.

Meanwhile, Ukrainian President Volodymyr Zelensky said that they believe that Russia is trying to create a legal basis for further aggression against Ukraine. "Sanctions should include a complete shutdown of Nord Stream 2," Zelensky added.

Market reaction

Markets remain risk-averse following these comments. As of writing, the Euro Stoxx 600 Index was down 0.9% on the day, Germany's DAX 30 was losing 1.3% and the S&P Futures were falling 1.1%.