Russian markets are in meltdown, chiefly on incoming sanctions and fears the country effectively being ousted from the international financial order.
Russia’s ruble-denominated MOEX sunk 35%, the dollar-denominated RTSI down 40%, its worst day on record, whilst the ruble plunged. Russia’s central bank has intervened but the currency was still down by 7% against the dollar to hit a record low. Russia-linked miners tumble. Steel producer Evraz (EVR) fell 25 per cent in early trading in London, while gold mining companies Polymetal (POLY) and Petropavlovsk (POG) also saw hefty losses. BP (BP), which owns a 20% stake in Rosneft, fell 4 per cent despite surging oil and gas prices. The JPMorgan Russian Securities (JRS) fund also fell 20% as the Moscow stock exchange plunged. Ukraine-focused iron ore miner Ferrexpo (FXPO) also tumbled 30 per cent.

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