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Russia Stocks, Bonds Slide as Putin Faces More Sanctions

Russian stocks fell the most since the nation’s incursion in Crimea, bonds slid and default risk climbed as global indignation over the downing of a Malaysian Air jet spurred speculation new sanctions will be imposed.

The Micex Index dropped 2.7 percent to 1,384.50 by the close in Moscow, the most since March 3. About $47 billion was erased from the gauge’s market value last week, the most in four months, according to data compiled by Bloomberg. OAO Gazprom, the bourse’s biggest weighted company, dropped 2.3 percent. The yield on ruble debt due 2027 rose 19 basis points to 9.23 percent, a more than two-month high. The cost of insuring against losses on Russia’s sovereign debt rose to the highest level since May.