Just to share a little bit about the economic aspect.
In the morning, Moscow time, there was a flurry of news regarding economic actions and effects.
First, Central Bank of Russia initiated a massive intervention in the market in order to protect the Russian ruble from serious fluctuations. And then Kremlin invited CEOs of all major companies in Russia for a talk. One Telegram channel joked that it will be a very serious talk, where the companies will have to swear their allegiance to the Motherland.
In my opinion it may not be so far from the truth, because they probably will be told to choose and be with Russia, and get all the support, or weather the storm by themselves. But will see. Already this evening we will probably have info and leaks to the media from the meeting!
There were also strange news like Sberbank (the major bank in Russia) declaring that they were added to the US total sanctions list, and there is a limitation on currency transactions. Which is a super big news. But then shortly after they retracted this statement by saying that it was an erroneous news release, and it was due to a "site malfunction". Really? Where did we hear this before just recently?
In any case, shares of various banks and companies tanked, but apparently it was expected, and official Kremlin stance is that they knew that it was coming and prepared for it. That's why they are going to talk to all the big business heads in the country.
There was also news that all flights to the southern region of Russia are being discontinued until 2nd of March. There are also other things that are being postponed until 2nd of March. Some analysts are saying that this is an indication of the period of volatility that Kremlin has expected. That this is the reason why they amassed a huge amount of reserves. That we should just wait and see, and not act in panic and go to the banks to withdraw money or anything.
Bottom line is, yes, there is and will be a drop. But it isn't a free fall, but a controlled and temporary descent. or fluctuation Will see how it goes.