Support 100 years of independent journalism.

  1. Chart of the Day
24 February 2022

Russian stocks plummet as troops enter Ukraine

The benchmark MOEX Russia Index fell by 45 per cent this morning.

By Michael Goodier

Russian equities had their biggest drop in value on record today (24 February) as Russian forces attacked Ukraine from the north, south and east, with missile strikes reported near major cities.

The MOEX Russia Index was down around 45 per cent this morning, and the RTS Index lost 50 per cent of its value, before both rebounded slightly.


The rouble also took a hit, falling to its lowest-ever value against the dollar, at $0.0111, while gas and oil prices rose dramatically. Russia is the world’s second largest oil producer and sells most of its crude to Europe. Brent crude was at $105 a barrel at the time of writing – the highest level since 2014.

European financial stocks also dropped, particularly European banks with big operations in Russia, as further sanctions on Russia became almost a certainty. An index of European banking stocks was down 6.1 per cent before midday.

Aluminium prices have risen (Russia is a major metals producer), and wheat prices surged (Russia and Ukraine are both giant global wheat producers, accounting for more than a quarter of global exports between them).

Sign up for The New Statesman’s newsletters Tick the boxes of the newsletters you would like to receive. Quick and essential guide to domestic and global politics from the New Statesman's politics team. The New Statesman’s global affairs newsletter, every Monday and Friday. The best of the New Statesman, delivered to your inbox every weekday morning. The New Statesman’s weekly environment email on the politics, business and culture of the climate and nature crises - in your inbox every Thursday. A handy, three-minute glance at the week ahead in companies, markets, regulation and investment, landing in your inbox every Monday morning. Our weekly culture newsletter – from books and art to pop culture and memes – sent every Friday. A weekly round-up of some of the best articles featured in the most recent issue of the New Statesman, sent each Saturday. A newsletter showcasing the finest writing from the ideas section and the NS archive, covering political ideas, philosophy, criticism and intellectual history - sent every Wednesday. Sign up to receive information regarding NS events, subscription offers & product updates.

Content from our partners
How do we secure the hybrid office?
How materials innovation can help achieve net zero and level-up the UK
Fantastic mental well-being strategies and where to find them
Topics in this article: ,