US sanctions on oligarchs cause Russian stock market crash

US sanctions on oligarchs cause Russian stock market crash
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US sanctions on oligarchs cause Russian stock market crash
Russia’s main share index crashed 11 per cent on Monday after the US imposed new sanctions on oligarchs and companies linked to Vladimir Putin. Aluminium giant Rusal, which is controlled by Oleg Deripaska, halved in value on the Hong Kong stock exchange on Monday, while EN+, a holding company also owned by Mr Deripaska, crashed by 40 per cent.  The aluminium tycoon has close ties to Donald Trump’s former campaign manager Paul Manafort as well as Mr Putin. Just two companies on Russia’s moex stock market were in positive territory on Monday. The widespread falls came as investors reacted to news that Washington had extended sanctions on Friday to seven oligarchs and 12 companies controlled by them, as well as 17 Russian government officials. Alexei Miller, director of state-owned Gazprom, is on the list, as is Kirill Shamalov, who is reportedly married to the Russian president’s daughter. US authorities said the restrictions were imposed in response to Russia’s “malign activities” aroun…

US sanctions on oligarchs cause Russian stock market crash
Russian Markets Reel After U.S. Imposes New Sanctions
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Russian Markets Reel After U.S. Imposes New Sanctions
United Company Rusal headquarters in Moscow. Shares in Rusal, one of the world’s largest aluminum producers, fell more than 20 percent on Monday after the United States included it in sanctions. Vasily Maximov/Agence France-Presse — Getty Images Russia paid a price in the financial markets on Monday for its standoff with the West. Investors dumped Russian stocks, bonds and the ruble in the face of new American sanctions and signs of cracks in the relationship between President Trump and Vladimir V. Putin, Russia’s president. The sell-off left Russian stocks down more than 8 percent and sharply raised borrowing costs for some of the country’s most important companies. The ruble dropped more than 4 percent against the dollar, and the price of government bonds fell. The combined effect is that life will be at least a bit more expensive for Russian companies and consumers. It was one of the worst days for Russia’s markets since its 2014 annexation of Crimea, and the rout underscored a simp…

Russian Markets Reel After U.S. Imposes New Sanctions