The chaos on the Russian market has continued on Tuesday.
As Bloomberg reports, the richest Russians suffered the most. The combined net worth of the country’s wealthiest people fell by 16 billion USD Monday.
Before the publication of the “Kremlin report” in which the US authorities promised to name the main friends of Vladimir Putin, against whom restrictions must be imposed, the richest people in Russia were visibly nervous. When the “Kremlin report” was made public, it turned out that it fully coincides with the Russian part of the world ranking Forbes. The Russian billionaires were confused: “Will the sanctions be imposed for the entire Forbes list?” For some time, everyone was waiting for new personal sanctions, but problems, as it turned out, do not threaten everyone, according to zerohedge.com.
On Friday, April 6, Washington said that now “Russian oligarchs will not have a chance to profit from the Russian corrupt system, they will not be isolated from the consequences of the destabilizing activity of their government.” All assets of their assets in the US are frozen. Citizens of the United States are forbidden to enter into any business relations with them, according to zerohedge.com.
The Russian index MOEX has fallen from level 2271 to 2065, which was about 7% loss. This was the steepest selloff since February 2014. The price stopped at the 100 week moving average so far. This could be a major support for bulls. Tuesday brought a marginal correction and futures were trading more than 1% higher.
This negative news has hit the Russian ruble as well and the USDRUB pair soared 10% in two days, rising to 63.00 and trading at 16 month highs.