MOSCOW — Russia's MICEX benchmark has shed nearly 3 percent to hit its lowest point since Oct. 5, as oil prices keep falling, lowering revenue from its lucrative sector and as fears grow that Greece's political crisis will hurt the European economy.
The MICEX index was at 1,296 points Thursday afternoon, May 17. The ruble was down 0.9 percent against the U.S. dollar at 31.2 rubles.
The Russian markets’ drop has been more severe than other European emerging economies over the past two weeks because of the country’s dependency on oil prices, which have fallen 12 percent this month. Oil prices, in turn, have fallen on fears Greece may leave the euro currency union, causing turmoil in European markets.
Uncertainty about the makeup of Russia’s new government is also fueling investor anxiety.
