The Wall Street Journal reports,"russian stocks of all stripes are taking a hammering Monday, with the benchmark MICEX index down over 12%, according to FactSet''.
The U.S. and its European allies looking at implementing targeted economic and financial sanctions on Russian companies and leaders if the Kremlin didn’t begin pulling back from Crimea.
Construction firm Mostotrest and metals and mining company Mechel are leading the falls, both dropping around 22%.
Electricity transmission company Federal Grid Co. of Unified Energy Systems is down almost 19%, with food retailer Dixy Group losing around 18%.
Sberbank Russia is the biggest financial faller, declining around 15%.
Gas producer Gazprom–which is most exposed to Ukraine in terms of earnings, according to Citigroup–is down around 12%.
Citigroup analysts note that foreign investors hold almost three quarters of tradeable Russian shares and therefore stocks will likely move more wildly than bonds or foreign exchange.
European companies with exposure to Russia in particular came under pressure Monday.
Of the companies that generate at least 25% of revenues from Russia, Oriflame Cosmetics dropped 4.2%, Nokian Renkaat fell 7%, Carlsberg was down 6.1% andFortum Oyj down 2.6%, German retailer Metro AG, whose cash-and-carry operations in Russia had been one of the company’s largest growth drivers, also dropped 5.5%.
In London, Ferrexpo, an iron ore company with assets in Ukraine, tumbled 10% whileEvraz, which has operations in the Russian Federation and Ukraine, fell 8.4%.
