The stand-off between Russia and the WestRussian assets tumbled Monday as a result of Ukraine.

The European Union is approaching noon. MOEX Russia IndexIt had declined by approximately 7% over the previous year and has fallen more than 15% since then. Russian RTS Index fell 8.8% and was around 20% less than in 2022.

The Russian rubleAt 78.53 the currency was 1.5% lower than its late 2020 low.

In recent weeks, Russian assets were mired in volatility after the influx of about 100,000 Russian soldiers along the Ukrainian border. This sparked Western fears that Moscow planned an invasion. A claim the Kremlin persistently denies.

Both are U.S. and U.K. over the weekend threatened severe economic sanctionsRussian forces could invade Ukraine. Each country has withdrawn diplomat staff from its embassies at Kyiv.

Anders Aslund (senior fellow at The Atlantic Council and chair of the International Advisory Council, at the Center for Social and Economic Research) tweeted Friday that Russian assets might fall further.

Aslund stated that the Russian RTS stock market in USD had fallen only 27% since its peak on October 27, before Putin began to threaten Ukraine. 

There is much more that can be done. From May through October 2008, the number fell by 80% (Georgia war and global financial crisis). Putin couldn’t care less.