Russia’s stock market is crashing as central bank sells $10bn in FX reserves
Russia’s MICEX stock exchange is plunging on the growing crisis in Ukraine.
It’s currently down almost 10 per cent at 1,304, with stocks heading towards their biggest slump since 2009.
The rouble has also slid sharply. One dollar is currently worth 36.39 roubles.
Mechel – one of Russia’s leading mining companies – plummeted 31 per cent before trading began. Its shares are currently down over 25 per cent.
Meanwhile, UK foreign secretary William Hague has agreed with the US that Crimea is now under the operational control of Russia, adding that he's concerned about further moves Russia may make into eastern Ukraine. The situatiuon, he says, is tense and dangerous.
Update: Russia’s central bank has spent up to $10bn (£6bn) in foreign currency reserves to defend the plummeting rouble, Reuters reports.
Update 2: Arseniy Yatseniuk, Ukraine's prime minister, has confirmed the government has no intention of nationalising private companies.