Shares on the Russian stock market fell sharply on Thursday morning, following the new Western sanctions imposed over President Putin’s failure to de-escalate the crisis in Ukraine.
The rouble declined by over one percent against the dollar, heading for what’s described as the steepest drop for several months. The MICEX index fell to its lowest level since the end of May.
Shares in Russia’s largest oil producer Rosneft went tumbling. Other firms in the energy, defence and financial sectors were also hit.
A New York-based research group says the American and European attempt to squeeze Russian access to financing will probably push the Russian economy into recession.
