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Invading Ukraine Just Wiped $58 Billion Off The Value Of Russian Companies
That’s more than the cost of the Sochi Olympics.
Thomas Peter / Reuters / Bloomberg
The market value of Russia’s leading companies fell by over $58 billion (£35 billion) on Monday as investors pulled their money out of Moscow’s stock market due to the growing crisis in Ukraine.
This fall is more than the entire bill for hosting last month’s Sochi Winter Olympics, which came in at around $50 billion (£30 billion).
The MICEX stock market index, which measures the value of 50 leading companies on the Moscow stock exchange, fell by 10 per cent as investors pulled their money out.
All of the 50 constituent companies saw their share price fall, with their collective value dipping to just over 18.4 trillion roubles ($503 billion or £302 billion).