Posted on 02/23/2022 9:01:20 AM PST by DannyTN
Russian stocks and ETFs continued to sell off on Wednesday as the United States and its European allies have imposed sanctions on the country after Vladimir Putin dispatched Russian troops to act as "peacekeepers" in eastern Ukraine's Donetsk and Luhansk regions.
In a direct reaction to the sanctions executed by the U.S. and its allies, Russian related stocks and ETFs have tumbled. This added to a retreat that has marked the last several days, as tensions in Ukraine have escalated.
As an example, state-owned bank Sberbank of Russia (OTCPK:SBRCY) is -14% during Wednesday's intraday action. The slide represented the fifth consecutive day of declines, including a plunge of 21% the day before. Shares have lost about 40% of their value since the close on Feb. 15.
Looking at Wednesday's action in some other big-name U.S.-listed Russian companies: Yandex N.V. (NASDAQ:YNDX) -8.6%, Gazprom (OTCPK:OGZPY) -7.2%,PAO NOVATEK (OTCPK:NOVKY) -6.2%, and PJSC LUKOIL (OTCPK:LUKOY) -6%.
Given the broad-based slide, ETFs tied to Russia are showing massive declines as well. ...
(Excerpt) Read more at seekingalpha.com ...
I didn’t think our new sanctions had much teeth. But maybe they do.
Biden’s sanctions are weak and pathetic. Nothing less than a total trade embargo on Russia is going to do anything to discourage Putin from conquering Ukraine and then moving on to his next victim or victims.
Moscow exchange doesn’t work on Feb. 23 due to a federal holiday. Whatever sell-off on the thin market in London is meaningless. It is going to get aligned with MOEX tomorrow.
Russia has fossil fuels.
China, the most powerful manufacturing colossus ever created, needs fossil fuels.
Europe is still buying Russian fossil fuels too.
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