J.P. Morgan analysts on Tuesday downgraded Russian equities from “overweight” to “neutral,” citing a sharp spike in uncertainty in the wake of Kremlin moves to recognize the independence of two breakaway statelets in eastern Ukraine, feeding into fears of a large-scale invasion. “With uncertainty as high/valuations as low as we can remember and a declining investor appetite to accept Russian risk–either long or short–we move to N on Russian within our CEEMEA allocation,” JP Morgan analyst Elena Jouronova said in a note, per Reuters. Russia has amassed a vast number of troops along its border with Ukraine and Russian-backed separatist forces have ramped up their attacks along the so-called line of contact in eastern Ukraine, fueling fears it would give Russia a pretext for an invasion. Russia’s President Vladimir Putin on Monday declared the separatist-controlled so-called Luhansk People’s Republic (LPR) and Donetsk People’s Republic (DPR) as “independent” states, while issuing …