Thursday, July 18, 2013

Russian Stock Market Nosedives on Navalny Verdict

Russia's stock market fell sharply on Thursday according to Moscow Exchange data, after investors took in the news that opposition blogger Alexei Navalny had been found guilty in a controversial fraud trial and sentenced to five years in jail. The court in the city of Kirov, about 900 kilometers (560 miles) east of Moscow, found the vocal Kremlin critic guilty of organizing the embezzlement of about $500,000 worth of lumber from state-owned company KirovLes. As of 1:21 p.m. Moscow time (9:21 a.m. GMT), the ruble-denominated MICEX index plunged by 1.51 percent on Wednesday’s close to 1,410.22 points while the dollar-denominated RTS index plummeted 1.50 percent to 1,372.15 points.

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