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Russian Markets Pare Losses Following Plunge on Recognition of Ukraine Separatists - The Moscow Times
The dollar-denominated RTS index of leading Russian firms dropped 10% on opening.
www.themoscowtimes.com
2.22.22
Russian financial markets opened in deep red territory on Tuesday morning amid intensified sanction fears after President Vladimir ordered troops into Ukraine’s eastern breakaway territories. The dollar-denominated RTS index of leading Russian firms had fallen 10% shortly after 10am, its second day of double digit losses, less than 12 hours after Putin signed documents officially recognizing the Donetsk and Luhansk People’s Republics. The sell-off was across the board, with commodities, banks and technology firms all seeing heavy losses. The Russian ruble breached the symbolic 80 against the dollar bar on global markets during Putin’s speech announcing his decision, reaching 80.9 the following morning. The euro was trading at 91.36. While the White House has so far stopped short of implementing the full range of sanctions threatened by U.S. President Joseph Biden in the event of a Russian invasion, Putin last night acknowledged the likelihood of more painful penalties, saying that “they’ll be adopted anyway.” The Kommersant business newspaper wrote late on Monday night that “the only question is whether the consequences will be harsh or catastrophic.”
The beginning of Russian oligarchs and business taking a financial bath.
Ukraine-Russia: Germany suspends Nord Stream 2 gas pipeline
BERLIN (AP) — Germany has taken steps to halt the process of certifying the Nord Stream 2 gas pipeline from Russia, Chancellor Olaf Scholz said Tuesday, as the West started taking punitive measures against Moscow over the Ukraine crisis .
apnews.com