Pro-Russian protesters said that nearly 90 percent of locals had opted to declare Luhansk and Donetsk as independent states.
The Montreux Convention lets Russia export anything from the Black Sea, weapons included, and would keep the U.S. Navy out in a war.
While Chinese indexes rose on President Xi Jinping's comments, Indian stocks rallied on the last day of the country's mammoth election.
Russia's Gazprom meets more than half of Ukraine's gas demands while supplying nearly a third of Europe's gas.
Sunday's vote went ahead despite a call by Russian President Vladimir Putin on Wednesday to postpone it.
Donetsk's election commission announced the unofficial results of the referendum, which turned chaotic and violent.
The Ukrainian crisis is also affecting regional soccer teams.
Where does the fractured nation go from here?
Russia's president has shown remarkable improvement since learning to skate in 2011.
The separatists' capital Donetsk gets ready to choose its future, but no one really knows how and where to vote.
Friday is Victory Day in the former USSR, and Russia celebrates with a huge parade. The president was there, before going to Crimea.
Russia supplies close to 30 percent of the natural gas used in Europe and ships half of it through Ukraine.
Russian President Vladimir Putin flew to Sevastopol on Friday to celebrate the 1945 Soviet victory over the Nazis.
Mariupol locals tried to stop a Ukrainian tank and a police station was burned in the latest violence.
Russia took major steps to distance itself from separatists in the east this week. Could that help broker peace?
The decision, which contradicted the conciliatory tone set by Putin a day earlier, caused consternation in the West.
On May 9, Russians remember the victory over Nazi Germany. But this year, it's a possible Ukrainian war they are thinking about.
Liverpool continue to be linked with new talent as Brendan Rodgers speaks positively of his plans to strengthen the squad on the back of Champions League qualification.
The region gets ready for Sunday's referendum on autonomy, but in the "People's Republic of Donetsk" there are more basic concerns.
Pro-Russian separatists have decided to go ahead with Sunday's referendum on autonomy.
Russian President Vladimir Putin said this would create conditions for dialogue between the Ukrainian authorities and the separatists.
Performers from Russia and Ukraine are among those competing in the semifinals for the Eurovision Song Contest in Copenhagen this year.