Russian Stock Markets, Currency Crumble

Russia’s stock markets and its currency have plummeted to a historic low on Monday, following the international condemnation of Moscow’s deployment of troops in 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 has also 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 incursion 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.

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