A CNN report on Tuesday asserts that Russia is already paying the price for its action in the Ukraine.

The report highlights that Russian stocks plunged and the ruble slid closer to a record low on Tuesday as investors reacted to the decision by Vladimir Putin, Russia’s president, to order troops into Moscow-backed separatists areas of eastern Ukraine.

 

Moscow’s MOEX stock index dropped four per cent on Tuesday after shedding more than 10 per cent on Monday, bringing losses so far this year to over 20 per cent, CNN reported in the article. It calculates that in total, more than US$40 billion has been wiped off the value of Russian stocks this week alone.

 

In addition, it notes that the ruble fell toward 81 versus the US dollar, its weakest level in more than a year and close to its all-time low.

 

The CNN report also added that the moves prompted Russia’s central bank to announce measures to support banks, including a provision that will allow them to use last Friday’s prices for stocks and bonds when reporting their financial positions.

https://www.jamaicaobserver.com/business-observer-daily-biz/russia-already-paying-the-price_244597