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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).

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