Putin Misses Global Rally as Micex Erases $28 Billion
This article is for subscribers only.
President Vladimir Putin’s meddling in Ukraine cost Russia dearly in financial markets. With the downing of Malaysian Airlines Flight 17, the toll is only getting worse.
The price to protect Russian bonds against default, already the highest among the world’s four largest emerging markets, has surged since the July 17 tragedy in eastern Ukraine. The Micex Index resumed its decline, putting the losses since Putin began his push into Crimea in late February at 4.2 percent through yesterday and wiping out about $28 billion in market value, even as stock gauges from the U.S. to India jumped to all-time highs.