Russian index drops, ruble loses value

By Gokhan Ergocun

ISTANBUL (AA) - Amid growing tension over Ukraine and the possibility of an armed conflict, Russian markets on Monday gave off negative signals.

After ending last week at over 3,400 points, the MOEX Russia index’s peak on the first trading day of the new week was 3,162 points.

At GMT1330 the index was around 3,250 points, down from around 4,170 points as of Jan. 10, two weeks ago.

Meanwhile, the US dollar / Russian ruble exchange rate dropped to its lowest level since March 2020, reaching 78.5.

While concerns that Russia could invade neighboring Ukraine continue, the US and the West have threatened sanctions, and Turkish officials have offered to help broker a way to keep the peace.