Russian Stock Markets down, Ruble Down

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Russian Stock Markets down, Ruble Down

Russia’s stock markets and its currency went down to a historic low on Monday, following the international disapproval of Moscow’s apparently annexation of the Crimea.

The stock markets in Moscow lost more than 9% of their value minutes after trading begun, RIA Novosti reports. In response, Russia’s central bank increased interest rates by 1.5%.

The Russian ruble  kept falling, both against the euro and the dollar.

Shares in state-owned gas giant Gazprom, which is considered particularly vulnerable to events in Ukraine because of its extensive pipeline system in the country, fell by almost 11%, the edition adds.

As the scale of Russia’s military intervention in the southern Ukrainian region of Crimea grew last week, Russia’s MICEX Index lost 2.8% and the ruble declined 1.7% against the dollar. People started a run on Western currency like the Euro and Dollar.

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