Russian Stock Market Sees Sharp Decline Following Recognition of Donetsk and Luhansk

The Moscow Exchange index fell by 3.62% at the opening of morning auctions, reaching 2927.03. The exchange rate of the dollar increased by 0.32%, reaching 80.03 rubles/dollar. The euro's exchange rate rose by 0.4% to 90.51 rubles/euro.

The Russian stock market began to experience a sharp decline yesterday, February 21, after the leaders of the self-proclaimed Donetsk and Luhansk People's Republics (DPR and LPR) appealed to Russian President Vladimir Putin to recognize their independence.

In the evening, Putin signed a decree on the independence of the LPR and DPR and instructed the Ministry of Defense to ensure the maintenance of peace by the Russian armed forces.