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Panicked Russian stocks, ruble plunge over Ukraine

Published on Mar 3, 2014 7:08 PM
 
A view of a board listing foreign currency rates against the Russian ruble just outside an exchange office in central Moscow, on March 3, 2014. Russian stock markets Monday crashed almost 10 per cent and the ruble plunged to historic lows in value against the dollar and euro, as alarm grew over the potentially disastrous economic consequences of military intervention in Ukraine. -- PHOTO: AFP

MOSCOW (AFP) - Russian stock markets Monday crashed almost 10 per cent and the ruble plunged to historic lows in value against the dollar and euro, as alarm grew over the potentially disastrous economic consequences of military intervention in Ukraine.

Russia's central bank hiked its main interest rate in an emergency move to stem capital flight and the losses for the ruble, amid what risks becoming at least Russia's worst economic crisis since 2009.

President Vladimir Putin on Saturday had won approval from Russia's upper house for the sending of troops to Ukraine due to the standoff in Crimea following the ousting of pro-Moscow president Viktor Yanukovych.

Economists warned the move risks creating a litany of further trouble for the Russian economy, which is already battling chronically slow growth.

 
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