Russia's RTS dollar-traded stock index on Thursday fell below 1,100 points, marking its worst performance since March, when the index dived nearly 30 percent as Moscow moved to annex Crimea from Ukraine.
That annexation wiped more than $50 billion off the value of Russia's stocks and pushed a wedge in Russia's relations with the West wider than any time since the Cold War and led to waves of ever-stronger sanctions against the Kremlin. Western sanctions and Russian counter-sanctions have slowed foreign investment to a trickle and depressed already stagnant economic growth.
The RTS had recovered its March losses by June, but the downing of a passenger airline over eastern Ukraine in July — which the West blamed on Moscow — and the new sanctions that followed have destroyed those gains.
The ruble-denominated MICEX — the RTS's peer — has performed better since July. The index closed on Thursday at 1,380, about 7 percent down since February.
Part of that difference, however, is due to the ruble exchange rate: Russia's currency has lost 20 percent of its value against the U.S. dollar so far this year.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
