The ruble-backed MOEX Russia Index plunged as much as 45% before closing 33.3% lower at a 4-year low of 2,058 on Thursday, after Russia launched a full-fledged invasion against Ukraine. Russian forces breached the Ukrainian border through land, sea, and air amid reports of shelling in multiple Ukrainian cities, including the capital Kyiv. Western states announced harsher sanctions are to be imposed as retaliations, while US President Biden promised further measures to hit Russia’s economy. Financial shares, the most exposed to sanctions, fell over 35%, led by Sberbank (-48%) and VTB Bank (-43%), prompting the Central Bank of Russia to ramp up liquidity measures with emergency interventions. State-backed giant Gazprom (-40.5%) also plunged on the threat of sanctions.
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