The MOEX Russia index plunged as much as 45% before rebounding to trade down 33%. Trading on the exchange was suspended for some time on Thursday in light of the freefall. The stocks hit the worst by the incursion were banks and energy companies.
The price of oil climbed to its highest price since 2014 because of the military action, with international benchmark Brent crude surpassing $105 a barrel amid concerns about disruptions to the global energy supply. Aluminum prices also leaped more than 3% to hit a record high of $3,450 per ton on the London Metal Exchange. Russia is also a large exporter of certain metals. Nickel was also at record levels.
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So the Republicans and Congress lost money on their Russian stocks.