Russia stock exchange CLOSED as sanctions panic begins – desperate bid to stop sell offs

Russian economy is ‘going to suffer a lot’ says Josep Borrell

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The ruble has already been a major casualty of measures taken by western countries, including a freeze on the central bank’s assets and expulsion of an number of banks from the Swift international payments system. Russia’s currency plummeted as much as 30 percent in the wake of sanctions from the US, UK, EU and Canada. On Monday, the central bank announced it would suspend trading on financial markets until at least 3pm Moscow time before further announcing the stock exchange would remain closed until Tuesday. In an indication of what could have been expected, companies exposed to the Russian economy listed on other stock markets have seen major losses today.

Mining company Evraz, which focuses heavily on Russia and counts Chelsea Football Club owner Roman Abramovich among its largest shareholders, saw its price on the London Stock Exchange fall over 26 percent on Monday.

BP meanwhile saw its share price fall over five percent after it offloaded its 19.75 percent stake in Russian oil giant Rosneft.

More to follow…

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