Russia Stocks Tumble Most in Developing World on Cyprus

Russian stocks fell the most in developing markets on concern deposits and loans in Cyprus that Moody’s Investors Service said total $60 billion will be affected by an unprecedented levy on savings accounts to pay for the island nation’s bailout.

The Micex Index declined 2.2 percent to 1,462.82 by the close in Moscow, the biggest one-day loss since Nov. 13 and the most among 21 emerging markets tracked by Bloomberg. The dollar-denominated RTS Index fell 2.8 percent to 1,494.30. VTB Group, Russia’s second-biggest lender, slumped 5.3 percent. OAO Sberbank, the nation’s largest lender with a 14 percent weighting on the Micex, retreated 3.8 percent.