Sanctions over Ukraine may threaten Russia’s investments in assets denominated in euros and U.S. dollars, Economy Minister Alexei Ulyukayev said, urging the use of the nation’s wealth funds for domestic projects.
The ruble declined to the lowest level in three weeks and stocks fell after Russia and the U.S. blamed one another for deadly unrest in Ukraine. Bonds dropped as the European Union weighed new sanctions.
The ruble and the Micex Index slid the most among emerging markets as pro-Russian protesters in eastern Ukraine seized government buildings and the nation’s premier accused Russia of seeking a “territory of slavery.”
Stocks in Europe were little changed, after climbing for seven days, as European Central Bank President Mario Draghi said policy makers are prepared to add further measures to support the euro-area economy if necessary.
Russia’s economic expansion unexpectedly accelerated in the fourth quarter, driven by exports, before tension over Ukraine escalated, prompting the U.S. and its allies to impose sanctions against the country.