Russian Markets, Ruble Plummet on Ukraine Fears

Russia's markets have dropped about 10 percent and its currency has fallen to its lowest point ever against the dollar and the euro because of the crisis in neighboring Ukraine. Russia intervened over the weekend to take control of Crimea, a Ukrainian peninsula with strategic importance, and the new government in Kiev fears a wider invasion. The West responded by questioning Russia's membership in the Group of Eight leading industrialized democracies, and the U.S. threatened possible asset freezes and trade penalties. The Moscow Exchange fell about 10 percent in the first hour of trading Monday, although it later recovered slightly. The ruble, already down nearly 10 percent this year, fell below 50 to the euro for the first time. It was trading below 36.4 to the dollar, also a record.

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