INSUBCONTINENT EXCLUSIVE:
Stocks and the ruble pared some losses in early afternoon trading in Moscow.Russian assets nosedived as military attacks across Ukraine
prompted emergency central bank action and investors braced for the toughest round of Western sanctions yet, wiping out as much as $259
billion in stock-market value.The ruble sank to a record low, the cost of insuring Russian debt against default soared to the highest since
2009, and stocks collapsed as much as 45% -- their biggest-ever retreat
The Bank of Russia said it will intervene in the foreign exchange market for the first time in years and take measures to tame volatility in
in LondonThe Russian central bank made no mention of raising interest rates, but said it will provide additional liquidity to banks by
offering 1 trillion rubles ($11.5 billion) in an overnight repo auction
They can only prevent extreme overshooting
After slumping as much as 9.4% the ruble was down 3.6% at 84.2250 as of 12:59 p.m
The MOEX index trimmed its loss to 25%
Shares of Sberbank PJSC, Russia's biggest lender, were down 45% at 114 rubles
swap premium soared above 750
Ukraine's 2033 dollar debt dived, lifting the yield to 88%, while the local currency market was suspended and limits were imposed on daily
flared.Policy makers raised rates on the first working day after Russia's parliament approved the use of its military in Ukraine in 2014
With oil prices falling later in the same year, the Bank of Russia ended up lifting its key rate to as high as 17% to defuse a currency
crisis.An increase in borrowing costs may be off the table for now, though a decision to hike rates in the future hinges on how the ruble
fares, according to Piotr Matys, a senior currency strategist at InTouch Capital Markets Ltd
Currency options see a more than 50% probability of the ruble touching 100 per dollar in the second quarter, data compiled by Bloomberg
the pace of ruble depreciation
may be asked for more support if major Russian companies and banks are targeted by the West
that underwhelmed political observers and financial markets -- then followed up with additional measures the following day, including
sanctions against Nord Stream 2 AG, the company that built the $11 billion natural gas pipeline connecting Russia and Germany.Russia's
central bank, which last conducted direct currency interventions in 2014, can resort to other measures to calm the market
Sofya Donets, economist at Renaissance Capital in Moscow, said its options include the possibility of imposing restrictions on cross-border
