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Shares of Russian companies traded in US plummet

Published on NewsOK Modified: March 3, 2014 at 10:50 am •  Published: March 3, 2014

NEW YORK (AP) — Shares of Russian companies traded in the U.S. are plummeted Monday as the country's military forces streamed into Ukraine, raising the possibility of sanctions by Western governments.

U.S. Secretary of State John Kerry told Russian President Vladimir Putin that he may "find himself with asset freezes on Russian business." There are also talks of boycotting the Group of Eight summit of leaders in the Olympic host city of Sochi this summer.

BNY Mellon's Russia ADR Index slumped 9 percent Monday morning, and is now down more than 27 percent for the year. Stocks in the index include metals company Mechel, which fell 7 percent to $1.76; Russia's biggest mobile communications operator, Mobile Telesystems, tumbled 9 percent at $15.60. Another mobile phone company, VimpelCom, is off 7 percent to $9.44.

In addition, U.S.-traded shares of Yandex, Russia's biggest Internet search engine, fell 13 percent to $32.49.

Global markets were shaken by the developments in Ukraine and Crimea, as fears of contagion spread. A number of Europe's biggest banks fell sharply.

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