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Asian shares gain as Crimea tensions ebb; FOMC in focus

Asian equity markets rose on Tuesday, stabilizing after recent volatility, as the implementation of sanctions on Russia lifted global risk appetite.

The U.S. and EU slapped 11 sanctions on Russian and Ukrainian officials on Monday, excluding Russian President Vladimir Putin, following Sunday's referendum in Crimea. Putin is expected to address Russia's parliament later on Tuesday on making Crimea part of the Russian Federation, one day after signing a decree recognizing the region as a sovereign state.

(Read more: No one supports a military response: Ukraine PM)

Wall Street cheered the news with the Dow Jones Industrial Average snapping a five-session losing streak, posting its best one-day gain in two weeks, while the CBOE Volatility Index (VIX) fell nearly 13 percent, compared to Friday's 9 percent spike.

Focus now turns to the start of the Federal Open Market Committee's two-day meeting later on Tuesday, which is expected to see policy makers continuing to taper asset purchases.

Nikkei up 1%

Japanese shares moved off their one-month lows thanks to bargain-hunting and as the yen resumed its decline against the greenback to approach the 102 level. Still, the benchmark remains 5 percent lower from its five-week high of 15,300 hit on March 7.

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