Axios reports:
Russia’s central bank said the Moscow Exchange wouldn’t open for stock trading through at least Thursday. The exchange has been closed since 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.
Multiple Western corporations have also suspended their retail sales in Russia or have announced plans to exit the country entirely. 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.
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March 2 (Reuters) – The rouble plunged to a record low in Moscow of 110 to the dollar on Wednesday and the stock market remained closed as Russia’s financial system staggered under the weight of Western sanctions imposed over Moscow’s invasion of Ukraine.
— Idrees Ali (@idreesali114) March 2, 2022
Russia’s stock market remains closed for a 3rd consecutive day.
Just delaying the inevitable. This ostrich with its head in the sand strategy is not going to be pretty.
— Katie S. Phang (@KatiePhang) March 2, 2022
Russian ruble per US Dollar
One month ago: 76.2
One week ago: 81.4
One day ago: 108.5
Now: 116.8
— The Spectator Index (@spectatorindex) March 2, 2022