Add to favorite
 
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

MICEX Down After OECD Warning
13.03.2014 17:24
MICEX Down After OECD Warning
Photo Credit: http://valdaiclub.com

The MICEX index, one of the main Russian stock market indicators, nosedived to a new low this March, going back to the May 2012 level, on the news from the OECD, says Vedomosti.

      According to the business daily, at 3.54 pm Moscow time MICEX stood at 1258.12 while RTS, another key indicator, dropped 1.3 percent to 1085.85.

      Among the worst hit are Sberbank (-3.08 percent), Rostelecom (-3,46 percent), FSK UES (-3.31 percent), Inter RAO UES (-6.33 percent).

      OECD, the Organisation for Economic Co-operation and Development, announced it has suspended Russia’s accession process. The decision was made by the organisation’s board of directors at a meeting on Wednesday, March 12, 2014.

      At the same time, the statement said the Paris-based body will intensify cooperation with Ukraine.

      The move comes amid heightening tension between Moscow and the West that has threatened Russia with sanctions over its Ukraine policy.

      Earlier, Moody’s has warned Russia could lose investment appeal and its current credit rating due to the uncertainty over the Ukraine crisis. According to the rating agency, Russia’s GDP can suffer as a result, with many private investors withdrawing their funds from the economy. The risk is exacerbated by the fact that many Russian banks and companies operate in Ukraine.

      Russia-IC also reported that a military invasion of Crimea would cost the Russian economy some three percent of GDP. The transit of natural gas to European consumers worth $30 billion may be disrupted, the Vedomosti business daily quoted an estimate by Bank of America Merrill Lynch. In case of a military operation, the EU may block the construction of the South Stream pipeline and switch to other energy sources in a move towards an economic boycott. Public spending is bound to go up regardless of whether the Kremlin decided to send the troops to the Crimean peninsula.

      The Russian authorities have pledged financial aid to the residents of the autonomy whose budget is facing a $1 billion deficit.

       




Author: Mikhail Vesely

Tags: MICEX Crimea Ukraine crisis Russian stock market  

Next Previous


You might also find interesting:

Banks are Allowed to Collect and Store Biometric Information of Customers
16.07.2018
Russian Banks will get Compensation for their Lost Revenues
31.10.2018
New Law on Foreign Employees in Russia was Signed
02.08.2018
Export Duty on Oil will be Gradually Reduced to Zero
02.08.2018
Vkontakte Launched New Service for Businessmen
31.10.2018







Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Kseniya Boguslavskaya  Russian regions  Kamyshin  Konstantin Makovsky  Ryazan  Mobeewave  Roscomnadzor  youth policy  Saransk  Blog Tour   Kostroma  Rosnano  Pussy Riot  Universiade  LGBT  Sergey Volkov  Polymeric Memristors  St. Petersburg  Mercedes-Benz Fashion Week Russia  Festivals in Moscow  Russian tourism  Russian Actresses  Smolensk  Russian artists  Kolomenskoye  Russian gas  Russia-Turkey  Baikonur  Andreapol  Vladivostok  Planetariums  Russian writers  Russian business  Altay Territory  Russian Cinema  Shalabolinsky Petroglyphs  Exhibitions in Moscow  Republic of Mordovia  Moscow  Magnitsky Act  Graffiti  elections in Russia  the Urals region  Russian Literature  Football  Russian history  Romanovs  Salvador Dali  Russian parliament  Film Festivals 


Travel Blogs
Top Traveling Sites