Stock markets in Russia plummeted on Friday as investors appeared spooked by the latest sanctions from the United States.
Shares in Russia’s largest bank, Sberbank, fell by 2.9% while gas company Gazprom was down by 2.5% and steel company NLMK fell by 2.9 %, BBC reports. The sell-off came a day after President Barack Obama leveled sanctions against more allies of Russian President Vladimir Putin and held out the possibility of harsher economic sanctions, and as Russia was finalizing its annexation of Crimea from Ukraine, which has been condemned by Western countries.
The MICEX share index dropped by 3% and the RTS index by 3.6%.
- Volodymyr Zelensky and the Spirit of Ukraine: TIME's 2022 Person of the Year
- Mickey Guyton Is TIME's 2022 Breakthrough Artist of the Year
- The 10 Best Nonfiction Books of 2022
- Column: What Elon Musk Gets Wrong About Free Speech
- The Forgotten Story of One of the First U.S. Soldiers Killed Overseas After Pearl Harbor
- Why You're More Likely to Get Sick in the Winter, According to New Research
- Column: What the Protests Tell Us About China's Future
- 18 Last-Minute Gifts for Everyone on Your List