$ 1.4 billion evaporated in just one hour, on the Russian Stock Exchange, after Trump sent him a few days to end the war
People pass by the screen of a foreign exchange agency that displays the exchange rate of the US dollar and the euro compared to the Russian Rubla in the center of Moscow, Russia, on February 28
Russian actions decreased strongly on Monday, after US President Donald Trump announced that he would shorten the 50-day deadline, which he had initially granted to Russian President Vladimir Putin to put an end to the Ukraine war at just 10-12 days, writes the Russian independent publication The Moscow Times.
The Moscow Stock Exchange Index (MOOF) has decreased by 1.8% in a little over an hour, losing $ 1.4 billion from the market value, following the reaction of traders to reduce the deadline for cessation by Trump.
The index fell from 2,777.3 points to 2,727.2 points between the local time 14:55 and 16:08.
The big Blue-Chip companies were the most affected in terms of trading volume. Gazprom shares decreased by 2.77%, Novatek decreased by 3.2%, and Aeroflot registered 4%after dozens of flights were canceled due to what Ukrainian hackers and Belaruși claimed that it was a coordinated cyber attack.
Sberbank, Lukoil, Sovcomflot and Mechel also registered losses between 1% and 3%.
The panic was also extended to the foreign currency markets, where the rubl was significantly depreciated. The Chinese yuan climbed by almost 2%, reaching 11.27 rubles, and the US dollar increased by 2.1%, being quoted to 81.05 rubles.
Earlier this month, Trump asked Moscow to reach a peace agreement with Kiev until September 2, otherwise he will face severe economic sanctions.
However, President Vladimir Putin did not show signs that he is willing to take a step back, the Kremlin reiting at the weekend that the so-called “special military operation” will continue until all Russia war objectives will be achieved.
On Monday, Trump told reporters that the new deadline will be 10-12 days, which he intends to announce “probably tonight or tomorrow.” He added that the US will introduce new sanctions and “may” secondary rates if Moscow ignores the ultimatum.
