CTC Leads Russia ADR Retreat on Renewed Sanctions Concern - Bloomberg

CTC Leads Russia ADR Retreat on Renewed Sanctions Concern - Bloomberg:



"CTC Media Inc. and Yandex NV (YNDX) led a drop among Russian companies trading in the U.S. as more fighting in Ukraine rekindled concern that the European Union will introduce new sanctions, hurting advertising revenue.



CTC, the television broadcaster whose billionaire co-owner is already targeted by U.S. sanctions, fell 5.3 percent in New York yesterday. The company gets more than 90 percent of its revenue from advertising, data compiled by Bloomberg show. Yandex, Russia’s biggest Internet company, fell to the lowest level since May. The Bloomberg Russia-US Equity index declined 0.4 percent to 92.95. 




Stocks fell as rebels seized a town in eastern Ukraine and the EU mulled additional sanctions, stemming a rally spurred by the easing of tension in the former Soviet republic after the election of a new president. The penalties such as travel bans and asset freezes on allies of President Vladamir Putin are having a “serious indirect influence” on the economy, Deputy Finance Minister Sergey Storchak said on the ministry’s Facebook page yesterday."



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