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One day of confrontation with Ukraine cost Russia almost USD 55 billion

Monday, March 3, 2014

The total loss in market capitalization of Russian companies on stock and comodities markets plunged by RUB 2 trillion.Some Russian tweets point out that “it is RUB 500 billion more than the cost of the Olympics.” This is a screen from Mitya Aleshkovsky’s twitter.

market fall.jpg

The Central Bank of Russia raised the primary interest rate by 1.5 percentage points to 7% after the ruble fell sharply to the record low level. The Central Bank stated that its decision is a response to the sudden volatility on financial markets. The RTS index fell by 10.5%.

Ruble fell almost by 10% to USD this year and also dropped to 50 rubles to EUR on Monday.  The drop below 36.4 to USD is also a record low. Commodity prices hiked to the highest level in almost 6 months as the confrontation in Ukraine fueled fears that energy supply and farming goods may be disrupted.


Translated by Anatoliy Shara, edited by Mariana Budjeryn

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