Russia shutters its stock market as the ruble crashes

[Scrivener7]

Source: CNN

London CNN Business —

Russia’s currency crashed to a record low against the US dollar Monday as the country’s financial system reeled from crushing sanctions imposed by Western countries in response to the invasion of Ukraine.

The ruble lost more than 30% of its value to trade at 109 to the dollar at 2.30 a.m. ET after earlier plummeting as much as 40%. The start of trading on the Russian stock market was delayed, and then canceled entirely, according to a statement from the country’s central bank.

*snip*

The central bank said it would provide an update on share trading at 9 a.m. local time (1 a.m. ET) on Tuesday.

“Due to the current situation, the Bank of Russia has decided not to open a stock market section, a derivatives market section, or a derivatives market section on the Moscow Exchange today,” the statement read.

Read more: https://www.cnn.com/2022/02/28/business/russia-ruble-banks-sanctions/index.html?utm_source=optzlynewmarketribbon

[Roy Rolling]

1. So Ironic

It was Biden who crippled Putin by drawing him into an unwinnable war, not Mr. Art-of-the-Deal.

[Lovie777]

2. Damn . ...

shithole can't get his daily allowance.

[riversedge]

3. too bad.

NOT

[mahatmakanejeeves]

4. I'm sure progree will be along shortly, but until he gets here ...

MOEX Russia Index (IMOEX.ME)

MOEX stands for Moscow (stock) Exchange - the biggest one per Wikipedia or somesuch
https://finance.yahoo.com/quote/IMOEX.ME

{snip}

Check the one month chart. If you were in the Russian equivalent of the Thrift Savings Plan, you'd better hope you hadn't put everything in the "C" Fund.

[Scrivener7]

5. OOoooh. All those zeroes!

[mahatmakanejeeves]

7. The daily chart is like the progression of time for travel at velocities beyond the speed of light

Undefined

[BumRushDaShow]

20. "I'm sure progree will be along shortly"

OMG too much on his plate if you add that on it now...

[EYESORE 9001]

6. FAFO, pootie

You’ve gotta face your masters, the oligarchs, sooner or later.

[Slammer]

8. shape of the economic failure

Earlier in the day, they'd announced that their stock market wouldn't open until 3pm.

So obviously since they decided not to open it at all, their economic stabilization measures didn't work.

This is what they tried:


Russia Hikes Interest Rates to 20% on Monday in a dramatic attempt to stabilize the country’s financial markets (the previous rate was 9.5%).

Russia’s Finance Ministry also said it would mandate companies to sell at least 80% of their foreign currency earnings on the domestic market — a move that will force them to buy rubles, thus creating demand for the under-siege currency.

Russia’s exporters brought in close to $600 billion in 2021, meaning the forced sales could provide more than $1 billion to the market a day. Economists said the move was designed to replace the Central Bank’s typical role in stabilizing the currency, which was hit by the freezing of its assets held in the West.

The regulator also banned non-Russians from selling shares in companies listed on the Russian stock market.

https://www.themoscowtimes.com/2022/02/28/russia-hikes-interest-rates-to-20-a76642

[Bernardo de La Paz]

11. Indeed. Export companies can't take 80% tax on their foreign earnings. Will stop exporting

Dramatically fewer exports means a lot less work, especially as it ripples out through the economy.

[smb]

9. Putin Can't Bring Back The USSR, But He Can Bring Back Bread Lines nt

[Emile]

10. Russian people need to take out Putin!

[Scrivener7]

12. I feel worst for the Ukraine people, second worse for the average Russian.

[bucolic_frolic]

13. Vladdy's war on capitalism not going so well

unless the purpose was to crash everything and create a billionaire's buying opportunity

[raccoon]

14. Good going, Vladdy! Nt

[rpannier]

15. Curious if ddouchebag donnie still thinks vlad's a genius

[3Hotdogs]

16. That won't happen until Donnie wants to borrow more $$$ from his buddy.

He will need it to pay N.Y. state and federal fines and taxes. Also needed to pay lawyers who now demand payment upfront before representing him.... oh, and the notes that are being called after the reports about the investigations.

[Scrivener7]

18. It will be interesting to see how he manages when all his sources run dry.

At this point, though, the grifts he is running will keep him able to afford the gold toilets. Sadly.

[dalton99a]

17. Kick

[gibraltar72]

19. Russian banks will start failing this week!

Probably won't get better until after Putin "falls out a window".

[nattyice]

21. I don't think his underground bunker has windows, unfortunately

[cstanleytech]

22. If anything happens to Putin in the next 3 to 6 months it's

more than likely going to be a sudden “heart attack” or “stroke” brought on by “stress”.

[Mawspam2]

23. Yeah, but AMC and GameStop!

And Crypto, oh my.