Russian Market Rout Wipes $200 Billion From Stocks; Bonds Dive
- Central bank takes emergency steps as sanctions threat spirals
- Stocks collapse is third-worst in history of markets
This article is for subscribers only.
Russian assets nosedived as military attacks across Ukraine prompted emergency central bank action and additional sanctions from the U.S., wiping out almost $200 billion in stock-market value and roughly a third of the sovereign debt’s value.
The ruble sank to a record low, the cost of insuring Russian debt against default soared to the highest since 2009, and stocks ended the main trading session down 33% -- their biggest-ever retreat. The Bank of Russia said it will intervene in the foreign exchange market for the first time in years and take measures to tame volatility.