FOR PUBLIC INFORMATION.
The viral moment comes as Russian markets have now been closed for four straight days after the country’s invasion of Ukraine. This represents its longest stock market pause since 1998, according to Bloomberg.
On Wednesday, Equity index provider MSCI Inc. called Russia’s equity markets “uninvestable” as the U.S. and other western countries impose harsh sanctions against the country.
“The reclassification decision will be implemented in one step across all MSCI Indexes, including standard, custom and derived indexes, at a price that is effectively zero and as of the close of March 9,” MSCI said in the statement.
Large Russian companies like Gazprom RU:SIBN, Lukoil RU:LKOH and Sberbank RU:SBER, are now penny stocks as Russian companies collapse in London. Sberbank, which had assets of over $500 billion during parts of 2021, has a current stock price of $0.05 on the London Stock Exchange LSEG, +9.64%.
The ruble’s USDRUB, +6.96% value has also plummeted in recent weeks.
This factual article is published on as is where is basis with no ill feeling to any one or any country. We are an independent publisher e newspaper agency and hold no grudge to anybody or anything. It is indeed disheartening to note that the civillian population of Russia is in clear and obvious financial danger of impending starvation.
Understood that Russia produces more than 10 % of the world’s Crude Oil. But now speculations are rife that it is not worth the trouble to buy russian crude oil.
Article compiled by Deepak Bora.