Ukrainian Conflict huge market mover ?

This internal struggle that Ukraine is going through is escalating.
A lot of tension in Donetsk region prior the referendum that is scheduled to take place tomorrow. The result of this will have a big impact or ?
The markets have "ingored" somehow this conflict from the very beginning but now we have a big step a head of us. Is this the time when markets will really react ?

We will have to wait and see what the result of the referendum is and then how the market is going to react during this very promising volatility wise trading week.