- Russia closed its stock market all week in a bid to curb panic selling after the invasion of Ukraine.
- The ruble crashed to trade below 1 cent as Western sanctions effectively weaponized the financial system.
- These are the top 10 seismic market moments in the days following Russia’s incursion into Ukraine.
Russia’s devastating attack on Ukraine last week was the start of a cascade of dark events, bringing misery to countless civilians – and turmoil to financial markets.
The full-scale February 24 invasion – the biggest attack on European soil since World War II – was strongly condemned by the United States and its NATO allies.
It also brought a series of sanctions from them, aimed at isolating the Russian economy from the rest of the world.
This disruption has the potential to harm households around the world, as their energy bills and the cost of food are inflated by rising commodity prices.
Russia is the world’s second largest oil producer and the region is known as the “breadbasket of the world” for its wheat and maize crops.
The hostilities caused a generalization
asset prices as investors reacted to new headlines. During the week, they had to recalibrate their expectations in the face of a series of increasingly severe sanctions against Russia.