Russian Shares Take a Hit After Poroshenko Ends Ukraine Cease-Fire

By Reuters

July 1, 2014

The ruble-denominated MICEX index was down 0.8 percent. Denis Abramov / Vedomosti

Russian shares opened lower on Tuesday after Ukraine's president said he would renew offensive operations against pro-Russian rebels in eastern Ukraine following the end of a ceasefire.

At 10:05 a.m. Moscow time, the ruble-denominated MICEX index was down 0.8 percent at 1,464 points and the dollar-denominated RTS fell 1.3 percent to 1,348 points.

Ukrainian President Petro Poroshenko, who accuses Russia of fanning violence in eastern Ukraine, dismissed Moscow's offers to defuse the crisis and blamed the rebels for failing to follow a peace plan he had outlined.

The speaker of Russia's lower house of parliament called Tuesday for a new ceasefire in eastern Ukraine, Interfax reported.

The ruble was about 0.6 percent weaker against the dollar at the opening.

Russia could face more sanctions from the U.S. and European Union on top of existing asset freezes and visa bans unless pro-Russian rebels act to wind down the crisis in Ukraine's Donetsk and Luhansk provinces.

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