Russia\u2019s stock market continued sliding on Monday amid a global panic over U.S. President Donald Trump\u2019s steadfast stance on sweeping tariffs.<\/p>\n
The Moscow Exchange (MOEX) Russia Index had dropped 3.91% around Moscow time, marking its 14th consecutive day of losses.<\/p>\n
Among the biggest losers was En+ Group, the parent company of aluminum tycoon Oleg Deripaska\u2019s Rusal, which fell 9.76%. Tech giant VK dropped 8.28%, while the state-owned shipping corporation Sovcomflot lost 8.22%.<\/p>\n
Other major companies, including conglomerate Sistema, real estate developers PIK Group and Samolet and steel and coal giant Mechel, all saw declines of more than 7%.<\/p>\n
\u201cRussian stocks are falling, but I don\u2019t see any crazy drama or huge turnover here,\u201d said<\/a> Yevgeny Kogan, an investment banker and professor at the Higher School of Economics in Moscow.<\/p>\n In Asia, Hong Kong\u2019s Hang Seng index plummeted 13.2%, its largest drop since the 1997 Asian financial crisis, while Taiwan\u2019s stocks fell nearly 10% and Tokyo\u2019s Nikkei 225 dropped 7.8%.<\/p>\n In Europe, Frankfurt\u2019s DAX dropped as much as 10% in early trading before paring back some losses. By late morning, the German index and Paris were down more than 6%, while London fell 4.5%.<\/p>\n U.S. markets were also expected to open sharply lower later on Monday.<\/p>\n Although Trump\u2019s tariffs exempted oil, gas and refined product imports, Brent crude dropped<\/a> 3.75% (or $2.46) to $63.12 per barrel on Monday.<\/p>\n Urals crude, Russia\u2019s key export blend, dipped below $60 per barrel, slumping<\/a> to $52.76 on Friday. Analysts warn that these prices signal potential issues for the Russian budget and a likely devaluation of the ruble in the coming months.<\/p>\n