The background to the great uncertainty in Russia is the unconfirmed reports of a first direct military conflict.
(Photo: dpa)
Frankfurt On Monday, the Russian stock market suffered the biggest price losses since the financial crisis in 2008. The RTS index fell by more than 13 percent to around 1200 points. The foreign exchange and bond markets were also badly affected.
The ruble lost three percent against the US dollar, and the yield on Russian government bonds maturing in 2031 rose sharply by 0.8 percentage points to 10.6 percent. The movements on the western European stock markets were much more moderate, the well-known indices fell by one to two percent.
The background to the great uncertainty in Russia are the unconfirmed reports of the first direct military conflict between Russian and Ukrainian forces. According to Moscow, Russian soldiers destroyed Ukrainian military vehicles after they entered Russian territory. The news on Russian television that President Putin was examining official recognition of the separatist provinces of Donetsk and Luhansk in eastern Ukraine also played a role.
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