Shares of Russian companies traded in US plummet

By The Associated Press | Posted - Mar. 3, 2014 at 9:15 a.m.



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NEW YORK (AP) — Shares of Russian companies traded in the U.S. are plummeting as the country's military forces stream into Ukraine, raising the possibility of sanctions by Western governments.

BNY Mellon's Russia ADR Index is down 25.6 percent Monday morning. Stocks in the index include metals company Mechel, which is down 7 percent to $1.77; Russia's biggest mobile communications operator Mobile Telesystems, is down 10 percent at $15.48. Another mobile phone company, VimpelCom, is off 7 percent to $9.55.

Global markets were shaken by the developments in Ukraine and Crimea. Russia essentially took control of Crimea, a Ukrainian peninsula with strategic importance, and the new Ukrainian government in Kiev fears a wider invasion.

In Moscow, the Russian stock market dropped about 10 percent and the ruble hit new lows.

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The Associated Press

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