Of the market value of Russian companies listed on the London Stock Exchange, $ 572 billion has melted in two weeks.
Russia attacked Ukraine a week ago. This story follows the economic impact of the Russian attack.
Finnish economy at 10 am
The Helsinki Stock Exchange opened up
The general index of the Helsinki Stock Exchange was rising slightly below 1% after the opening of the stock exchange. The sharp fluctuations in individual shares continued from the stock market opening.
Finnair, which has been rocking sharply in recent days due to sanctions, rose by about 5 per cent at 10.05.
Another company affected by the situation in Russia, Nokian Tires, was down about 3 percent.
Oil refiner Neste was up less than 3 percent.
Russian economy at 10 o’clock
Russia’s credit rating fell to the rubbish category, Russia’s central bank imposes a heavy commission on Russian currency purchases
Credit rating agencies Fitch and Moody’s have downgraded Russia’s credit rating to rubbish, Reuters reports.
Fitch dropped Russia to Class B from BBB and Moody’s to Class B3 from Baa3. According to credit rating agencies, Western sanctions call into question Russia’s ability to service its debt and weaken its economy.
The Russian ruble has started to weaken sharply again on Thursday morning.
On Thursday morning, one dollar is already available for 115 rubles. The weakest ruble was on Monday, when one dollar got a maximum of 117 rubles.
News agency Reuters reports that the Russian central bank has set a 30 percent commission on the purchase of foreign currency by individuals.
Currency brokers told the news agency Reuters the order came from the country’s central bank.
Reuters did not immediately receive confirmation from the central bank.
Stock market
Shares of Russian companies have completely thawed on European stock exchanges. For example, the Dow Jones Russia GDR index, which tracks Russian companies traded on the London Stock Exchange, has virtually lost all its value.
News agency According to Bloomberg 98 per cent of the value of the index has melted in two weeks. A total of $ 572 billion of the market value of a total of 23 Russian companies has been lost in connection with the plunge.
Among the companies are large companies such as the energy company Gazprom and Sberbank. For example, a share of Sberbank was traded on the London Stock Exchange for a few cents.
FTSE Russell has said it will remove its Russian stock indices when the stock market opens, according to Reuters.
FTSE Russell is a subsidiary of the London Stock Exchange Group, which owns the London Stock Exchange. It produces, maintains, licenses and markets stock market indices.
The American financial company MSCI has also announced its removal from the Russian Emerging Markets Index.
The Russian stock market closed for the fourth day
Asian stock markets turned slightly positive on Thursday when US Federal Reserve Chairman Jerome Powell announced that rate hikes will be gradual, the STT news agency said.
Powell indicated that there would be a 0.25 percentage point rate hike later this month. He noted that the near-term economic outlook in the United States is very difficult to predict. The reason is the Russian invasion of Ukraine and the economic sanctions imposed on Russia.
The Fed’s message was received with relief, as the market had been concerned that interest rates could be raised by 0.5 percentage points in one fell swoop to stifle sharp inflation. However, Powell said the Fed intends to take even tougher measures to curb inflation if necessary.
The relief was already visible in the price development of the previous day, when prices clearly rose on Wall Street as well.
The Russian stock exchange was not allowed to move on Thursday either, as the Moscow stock exchange will remain closed for the fourth day.
The oligarchs are transferring their “superachts” to the Maldives
Russian billionaires have moved their yachts to the Maldives following sanctions, Reuters reports. It said at least five “super yachts” owned by Russian billionaires were in Maldivian territorial waters on Wednesday.
The Maldives is located in the Indian Ocean. The state does not have an extradition agreement with the United States.
The United States has said it is working for smoother cooperation on sanctions.
“Next week, we will launch a multilateral transatlantic task force to identify, hunt down and freeze the assets of sanctioned Russian companies and oligarchs,” the White House said on Sunday.
On Wednesday, the financial newspaper Forbes also reported that German authorities have seized an EU sanctions list Alisher Usmanovin A $ 600 million (€ 540 million) yacht at a Hamburg shipyard.
The price of oil is rising sharply
The price of crude oil is rising sharply. The price of a barrel of North Sea Brent reference quality has peaked at $ 118 this morning.
The price is really high, as the last time oil paid the same was in February 2013.
The United States is beginning to look for ways to reduce Russian oil consumption, says a White House spokesman Daleep Singh To the CNN channel.
“We are looking for ways to reduce U.S. consumption of Russian oil while still maintaining global energy supplies,” Singh said.
Russia produces about ten percent of the world’s oil and is the largest oil country after Saudi Arabia and the United States. In recent days, Russian exporters have tried to sell their oil at reduced prices, according to The New York Times.
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