Axios reports:
Russia’s central bank said the Moscow Exchange wouldn’t open for stock trading through at least Tuesday. The exchange was closed on Monday.
It’s the latest financial fallout of Russia’s invasion of Ukraine, which triggered massive sanctions from several other countries that have sent the ruble plummeting to record lows against the dollar.
Russia’s central bank increased interest rates on Monday from 9.5% to 20% in response to the crashing ruble and to prevent a run on banks. It also resumed buying gold on the domestic market.
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LONDON, Feb 28 (Reuters) – Russia’s stock market is “uninvestable” after stringent new Western sanctions and central bank restrictions on trading, making a removal of Russian listings from indexes a “natural next step”, a top executive at equity index provider MSCI said Monday.
— Idrees Ali (@idreesali114) February 28, 2022
“The ruble cratered, the stock market froze and the public rushed to withdraw cash on Monday as Western sanctions kicked in and Russia awoke to uncertainty and fear over the rapidly spreading repercussions of Putin’s invasion of Ukraine.”https://t.co/kzIg6uEHD1
— Michelangelo Signorile (@MSignorile) February 28, 2022
As Russia’s currency plummeted following sanctions by the U.S. and allies, Russians lined up at banks and ATMs trying to withdraw money
Read more: https://t.co/CJ9jjR1edN pic.twitter.com/qyJNwYjjqk
— NowThis (@nowthisnews) February 28, 2022