The Central Bank of Russia initially delayed the opening the stock market by three hours and then announced it would remain closed all day.The MOEX crashed last time trading was open.The extreme measure to increase the country’s key interest rate from 9.5 per cent to 20 per cent was “designed to offset increased risk of ruble depreciation and inflation,” the country’s central bank said.
A White House official said the measures had been planned for months, meaning that could be rolled out immediately. The collapse took place on the Moscow Stock Exchange on Monday as the West punished Moscow with new sanctions over the Kremlin’s invasion of Ukraine.
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