The eruption of the biggest military conflict in Europe since the second world war caught many investors by surprise.
Moscow’s stock market was hit by one of the biggest collapses in financial history this week after Vladimir Putin launched an invasion of Ukraine. The dollar-based RTS index shed 38 per cent on Thursday, while Russian bonds tumbled and the rouble plunged to a record low against the dollar.
The ferocity of those declines underscored how even many savvy, well-connected Russian investors — who dominate activity on domestic markets — were shocked by Moscow’s incursion of its neighbouring country.
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