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Tue Mar 4, 2014, 06:32 AM

Black Monday: Panicked Russian markets crash 10 percent over Ukraine


Black Monday: Panicked Russian markets crash 10 percent over Ukraine
By Agence France-Presse
Monday, March 3, 2014 8:41 EST

Moscow (AFP) – Russian stock markets Monday crashed almost 10 percent 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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