Monday 3 March 2014

Ruble and Stocks Tumble on Ukraine Turmoil | The Moscow Times #EuroMaidan

Ruble and Stocks Tumble on Ukraine Turmoil | The Moscow Times:



"Both the ruble-denominated MICEX exchange and the dollar-denominated RTS index began to plummet after they opened. By 8 p.m. Moscow time, the MICEX was down 10.8 percent and the RTS had tumbled 12 percent.



Shares in state-run VTB bank, the country's second-largest lender, were down 18 percent, while No. 1 Sberbank lost 15 percent of its share value.



Coal miner and steelmaker Mechel temporarily halted trading after its stock price fell 27.6 percent. 




State-run oil giant Gazprom also saw its share price tumble 13.5 percent, though the company struck a positive note in its annual meeting with investors in London on Monday, predicting that European dependence on Russian gas would only rise, Reuters reported.



Deputy Economic Development Minister Andrei Klepach said Monday that he expects the "hysteria" on the markets to abate, but that he does not know when this will happen."



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