Shares in Russian energy giants Rosneft and OA Novatek fell sharply Thursday after they were targeted by United States sanctions over Ukraine, while markets fell more than 2.5 percent and the ruble plunged against the euro and dollar.
Shares in Rosneft fell 5.4 percent, while OA Novatek shares fell 6.8 percent when the MICEX stock exchange opened, the Interfax news agency reported after President Barack Obama barred the companies from US capital markets.
The MICEX bourse fell 2.52 percent on opening, while the dollar-denominated RTS exchange fell 3.44 percent, the ITAR-TASS news agency reported. The exchanges then rallied slightly, with the MICEX down 1.91 percent and the RTS down 2.94 percent at 0630 GMT.
The ruble also plunged in value against leading currencies.
The dollar climbed against the ruble to be worth 34.76 rubles and the euro rose to be worth 47.03 rubles at around 0630 GMT.