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Oil Plunge Pushes Russia ADRs to Worst Year Since 2008

Russian stocks traded abroad are headed for the biggest annual drop in six years as companies from Yandex NV to OAO Megafon tumble amid a plunge in oil prices that is further slowing an economy already beset by sanctions.

The Bloomberg Russia-US Equity Index fell 48 percent this year through Dec. 26. The gauge of the country’s most actively-traded stocks traded outside the country is on pace for the worst performance since a 70 percent rout during the global financial crisis in 2008. Oil, Russia’s main export, sank into a bear market in October, accelerating the ruble’s 39 percent drop in 2014 and pushing inflation to the fastest in three years.