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Preparations for the G8 summit in Sochi (scheduled for June) have been halted, reports CBC News.

Since Russia took control of Crimea over the weekend—leading officials in Kyiv to fear further invasion—the seven other members of the G8 have condemned the country’s intrusion into Ukraine, says CBC.

The outlet adds that the countries have since released a joint statement that says G8 plans are being suspend until they feel a meaningful summit discussion can occur. Read more.

The Associated Press reports Russia’s stock market has already dropped about 10%. As well, its currency has fallen to all-time lows against the U.S. dollar and the euro.

The ruble (already down nearly 10% this year) traded at 36.89 rubles to the dollar before stabilizing around 36.49 to the dollar.

Read: Prepare for currency swings

What’s more, the Bank of Russia has decided to temporarily increase its key interest rate by 1.5% to 7% in an attempt to keep the currency’s fall from driving up inflation.

The central bank will hold its next meeting on March 14, 2014.

Originally published on Advisor.ca

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