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Moscow's stock market saw its longest shutdown, the ruble crashed 30%, and oil surged toward $120 as sanctions bit. Here are the top 10 seismic market moments after Russia invaded Ukraine.
Moscow's stock market saw its longest shutdown, the ruble crashed 30%, and oil surged toward $120 as sanctions bit. Here are the top 10 seismic market moments after Russia invaded Ukraine.
Shalini NagarajanMar 5, 2022, 15:34 IST
People stand in line to use an ATM money machine in Saint Petersburg, Russia Feb 27, 2022.REUTERS/Anton Vaganov
Russia shut its stock market all week in a bid to curb panic-selling after the invasion of Ukraine.
The ruble cratered to trade below 1 cent as Western sanctions effectively weaponized the financial system.
Russia's devastating attack on Ukraine last week was the start of a cascade of dark events, bringing misery to countless civilians — and turmoil to financial markets.
The full-scale invasion on February 24 — the largest attack on European soil since World War II — has drawn strong condemnation from the US and its NATO allies.
It's also brought a string of sanctions from them, aimed at isolating the Russian economy from the rest of the world.
That disruption has the potential to hurt households everywhere, as their energy bills and the cost of food are pushed up by rises in commodity prices.
Russia is the world's second-largest oil producer, and the region is known as the "breadbasket of the world" for its wheat and corn crops.
The hostilities prompted widespread volatility in asset prices, as investors reacted to fresh news headlines. Over the week, they had to recalibrate their expectations as a string of ever-tougher sanctions on Russia came in.
We broke down the 10 most seismic market events in the days following Russia's invasion of Ukraine:
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1. Russia banned short-selling after its stock index suffered a market rout
Elvira Nabiullina, governor of Russia's central bank.Shamil Zhumatov/Reuters
2. Russia's currency, the ruble, collapsed
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3. Russia kept its stock market closed for an entire week, marking a record closure
The Central Bank of the Russian Federation.Gavriil Grigorov\TASS via Getty Images
4. Interest rates doubled overnight
People stand in line at an Alfa Bank ATM in Moscow on February 27.Victor Berzkin/Associated Press
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5. Ban on investment exits by foreign companies
A Shell gas station in Leningradskoye Highway, Moscow, Russia.Valery Sharifulin/TASS/Getty Images
6. Russian stocks listed in London crumbled to a nearly zero value
People queue outside Sberbank to withdraw cash.MICHAL CIZEK/AFP via Getty Images.
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7. Clampdown on foreign wealth
Demonstrators at the Lincoln Memorial call for the US to take action.Kenny Holston/Getty Images
8. Oil teased 14-year highs of $120 a barrel
A gas pipeline at a compressor station in Amur region, Russia.Maxim Shemetov/Reuters
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9. London stock exchange halts trading in all listed Russian stocks
People queue outside a branch of Russian state-owned bank Sberbank.MICHAL CIZEK/AFP via Getty Images
10. Ukraine received over $50 million in crypto donations