Russia sees shares rebound as it says Yanukovich asked for troops
Russian shares have bounced back this morning with the Micex index climbing five per cent at the open, after suffering a 10.8 per cent crash yesterday.
The stock market is currently up three per cent, possibly responding to reports that Russian troops have been ordered back to their bases.
It's also come to light this morning that Russia told US it was asked to intervene by the ouststed Ukrainian president, Viktor Yanukovich.
Ukraine's Crimea region has seen Russian troops flooding in over the past few days, with forces holding military exercises near the country's borders. Ukraine's interim government says numbers total 16,000.
The EU has condemned Russia's "act of aggression", urging the country to recall troops.
Markets had a tough time of it yesterday. Turmoil-bred risk aversion saw BP’s shares falling 2.3 per cent – demonstrating the hit firms with Russian investments are taking. The British oil giant owns almost 20 per cent of Russian OAO Rosneft, where shares dropped 4.1 per cent.
ITE Group, which organises trade exhibitions in the Russia, was the second-biggest faller on the FTSE, plunging over 13 per cent.
Iron ore miner Ferrexpo, the first Ukrainian company ever to list in London, also fell by 7.6 per cent.