(Bloomberg) — Russian stocks tumbled the most since March 2020 and a government bond auction was cancelled after reports of an incident on the border with Ukraine and separatist appeals for aid stoked concerns the crisis may escalate.
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The benchmark MOEX Russia Index slumped as much as 8.6%, while the dollar-denominated RTS Index slid 10%, making it the worst-performing gauge in the world on Monday. While all stocks slipped, Gazprom PJSC and Sberbank PJSC pressured the index the most, falling more than 8% each.
Meanwhile, the Finance Ministry axed Tuesday’s bond sale, citing “increased volatility on financial markets” as yields on 10-year ruble notes surged half a percentage point. The Russian currency sank as much as 1.8% per dollar, the biggest drop globally. Derivatives traders braced for further declines with one-month risk reversals showing the most…
