Economics
Russian Stocks Take Worst Hit Since Crimea on Sanctions, Syria
- Ruble falls most globally; stocks drop most since 2014
- Analysts warn other companies could be next for penalties
Russian Stocks Take Worst Hit Since 2014 on U.S. Sanctions
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Russian stocks had their biggest drop in four years and the ruble slumped the most in the world after the U.S. slapped new sanctions on Kremlin-connected billionaires and tensions with the U.S. spiraled following the latest chemical attack in Syria.
The benchmark MOEX Russia Index sank 8.7 percent on Monday, the steepest slide since March 2014, when Moscow’s annexation of the Crimean peninsula triggered international penalties. The ruble and local bonds had their biggest drop since 2016 and the cost of insuring sovereign notes against default was set for the sharpest increase since December 2014.