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Russia Stocks Sink Most in World as Ruble Crisis Pummels Banks

Russian stocks sank the most in the world as concern grows that panicked individuals will pull deposits out of lenders including OAO Sberbank, while the plunging ruble drives up costs for importers.

The dollar-denominated RTS Index lost 12 percent, the biggest retreat since November 2008, to 629.15 by the close in Moscow, and benchmark Micex Index slid as much as 8.1 percent before ending higher. Sberbank, Russia’s biggest lender, declined 12 percent, erasing $2.1 billion of its market value, as evidence grows Russians are rushing into dollars after the ruble plunged past 70 against the U.S. currency. OAO MegaFon, which imports network equipment, fell the most since 2012.