Russian troops have seized part of Ukraine’s Crimean Peninsula in what has become Moscow’s biggest confrontation with the West since the Cold War. The troops took action after Russia’s Parliament gave President Vladimir Putin a green light to protect Russian interests following the ouster of Ukraine’s pro-Russian prime minister, Viktor Yanukovych. Earlier today, Russian troops seized a Ukraine Coast Guard base in the Crimean city of Balaklava. On Sunday, the new head of Ukraine’s navy defected to Russia. The United States and other nations say they are suspending preparations for this year’s G8 summit in Sochi, Russia. Speaking on NBC’s Meet the Press, Secretary of State John Kerry said the United States could impose sanctions to condemn Putin’s actions.

John Kerry: “Russia is going to lose. The Russian people are going to lose. He’s going to lose all of the glow that came out of the Olympics, his $60 billion extravaganza. He is not going to have a Sochi G8. He may not even remain in the G8 if this continues. And he may find himself with asset freezes on Russian business. American business may pull back. There may be a further tumble of the ruble. There’s a huge price to pay.”

The crisis has hit Russian markets, with Moscow’s main stock index tumbling 9 percent. We’ll have more on Ukraine after headlines.