All aggression is about power, Nothing excerpts power like money
Despite Russian military strength, the markets meltdown in the country yesterday highlights President Vladimir Putin’s vulnerabilities, Matt writes.
- Russian stocks suffered their worst day in history. The ruble-denominated Moex dropped more than 30%. The dollar-denominated RTS index was down 38%.
- The ruble plunged to a record low against both the dollar and the euro.
- Russia’s central bank said it would intervene in markets to blunt the decline of the ruble. It also instructed brokerage firms to suspend short selling, amid the stock market carnage.
- Russian government bond prices dove (more on that later).
Axios Markets By Emily Peck and Matt Phillips ·Feb 25, 2022