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Stocks Fall as Obama Signals Punishment: Russia Overnight

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The biggest exchange-traded fund tracking Russian stocks dropped the most in a week after President Barack Obama said the U.S. will extend some sanctions linked to the Ukraine conflict and as oil prices declined.

The Market Vectors Russia ETF tumbled 2.8 percent to $17.43 in New York Wednesday. Brent crude, the oil grade traders use to price the country’s main export blend, slid 0.8 percent to $60.55 a barrel after dipping below $60. OAO Sberbank sank 4.1 percent and OAO Mobile TeleSystems fell 4.6 percent, leading declines among Russian American depositary receipts.