Russian stocks slammed as US imposes sanctions
The Russian stock market endured its biggest one-day drop in four years on 9 April after the US Treasury imposed sanctions on several Russian individuals and companies.
UK-listed names were caught up in the move, which threatens Western investment in Russia. Steel producer Evraz (EVR) and gold miner Polymetal (POLY), both based in the country, suffered large double-digit declines while sector peer Glencore (GLEN) was also hit.
It has an 8.75% stake in one of the companies directly affected by the sanctions – Russian aluminium producer Rusal.
The price of aluminium spiked as Rusal is the largest supplier outside China and reportedly commodity traders have been advised to stop buying from the company.
These articles are provided by Shares magazine which is published by AJ Bell Media, a part of AJ Bell. Shares is not written by AJ Bell Youinvest.
Shares is provided for your general information and use and is not a personal recommendation to invest. It is not intended to be relied upon by you in making or not making any investment decisions. The investments referred to in these articles will not be suitable for all investors. If in doubt please seek appropriate independent financial advice.
Investors acting on the information in these articles do so at their own risk and AJ Bell Media and its staff do not accept liability for losses suffered by investors as a result of their investment decisions.