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Russia Stocks Erase 2013 Advance as Banks, Crude Slide on Europe

Russian stocks erased this year’s gains as financial shares dropped and oil, the country’s main export, retreated after Italy’s election spurred concern Europe’s debt crisis will worsen.

The Micex Index sank 1.3 percent to 1,484.67 by the close in Moscow, the lowest level since Dec. 28. Of 50 stocks, 5 increased and 45 decreased. Financial and health-care equities led declines, losing 1.8 percent. OAO Sberbank, the nation’s largest lender and the biggest stock in the Micex by weighting, retreated 2.3 percent, while Bank Vozrozhdenie dropped 1.9 percent.