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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRussia shutters its stock market as the ruble crashes.
MOSCOW The ruble cratered, the stock market froze and the public rushed to withdraw cash on Monday as Western sanctions kicked in and Russia awoke to uncertainty and fear over the rapidly spreading repercussions of President Vladimir V. Putins invasion of Ukraine.
As the day began, Russias currency lost as much as a quarter of its value within hours. Scrambling to stem the decline, the Russian Central Bank more than doubled its key interest rate, banned foreigners from selling Russian securities and ordered exporters to convert into rubles most of their foreign-currency revenues. It closed the Moscow stock exchange for the day because of the developing situation.
The economic reality has, of course, changed, the Kremlins spokesman, Dmitri S. Peskov, told reporters, announcing that Mr. Putin had called an emergency meeting with his top finance officials.
Even as Russian and Ukrainian delegations met for talks at the Belarus border, Moscows military offensive showed no sign of letting up, and the hectic moves offered the first signs that the sanctions imposed on Russia by the West over the weekend were shaking the foundations of Russias economy. The decisions by the United States, Britain and the European Union restricting the Russian Central Banks access to much of its $643 billion in foreign currency reserves have undone much of the Kremlins careful efforts to soften the impact of potential sanctions.
https://www.msn.com/en-us/news/world/russias-stock-market-closes-and-ruble-crashes-as-sanctions-hit/ar-AAUpbp9
Omnipresent
(5,706 posts)Budi
(15,325 posts)"What have you got to lose?
BannonsLiver
(16,369 posts)Im not sure how Mad Vlad will cope with that. Dangerous times.
Sneederbunk
(14,289 posts)and there are some angry oligarchs out there.
crickets
(25,962 posts)gratuitous
(82,849 posts)I'm sure the big money boys who surround Putin will be very understanding and forgiving toward their puppet. Why, I hear they've invited him for high tea on the 18th floor of a Moscow office building. They'll even provide him with an umbrella.