Russia paid a heavy financial price for its military intervention in neighboring Ukraine, with stocks, bonds and the ruble plunging as President Vladimir Putin's forces tightened their grip on Crimea, Reuters reports.

The Moscow stock market fell 10.8 percent, wiping nearly $60 billion off the value of Russian companies, more than the $51 billion Russia spent on the Winter Olympics in Sochi last month, Reuters reports.

The central bank spent as much as $12 billion of its reserves to prop up the ruble as investors reacted to tensions with the West over the former Soviet republic Ukraine.

To recall, President Vladimir Putin ordered troops involved in a military exercise in western Russia back to base on Tuesday in an announcement that appeared intended to ease East-West tension over fears of war in Ukraine. 

Russian military have blocked most of the military units of the Armed Forces of Ukraine in Crimea, deploying roughly 16,000 troops to Ukraine's autonomous region of Crimea.