You can now read 10 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe

Business

Russian markets plummet 9%

The Russian currencyt, ruble, plunged 2.9 per cent to a record low against the dollar of 36.90 Rbs.

YURI KOCHETKOV/EPA

The Russian currencyt, ruble, plunged 2.9 per cent to a record low against the dollar of 36.90 Rbs.

NEW YORK (AP) — Shares of Russian companies traded in the US are plummeted Monday as the country’s military forces streamed into Ukraine, raising the possibility of sanctions by Western governments.

U.S. Secretary of State John Kerry told Russian President Vladimir Putin that he may ‘‘find himself with asset freezes on Russian business.’’ There are also talks of boycotting the Group of Eight summit of leaders in the Olympic host city of Sochi this summer.

Continue reading below

BNY Mellon’s Russia ADR Index slumped 9 percent Monday morning, and is now down more than 27 percent for the year. Stocks in the index include metals company Mechel, which fell 7 percent to $1.76; Russia’s biggest mobile communications operator, Mobile Telesystems, tumbled 9 percent at $15.60. Another mobile phone company, VimpelCom, is off 7 percent to $9.44.

In addition, US-traded shares of Yandex, Russia’s biggest Internet search engine, fell 13 percent to $32.49.

Global markets were shaken by the developments in Ukraine and Crimea, as fears of contagion spread. A number of Europe’s biggest banks fell sharply.

Russia essentially took control of Crimea, a Ukrainian peninsula with strategic importance, and the new Ukrainian government in Kiev fears a wider invasion. The West responded by questioning Russia’s membership in the Group of Eight leading industrialized democracies, and the US threatened possible asset freezes and trade penalties.

In Moscow, the Russian stock market dropped about 10 percent and the ruble — already down nearly 10 percent this year — fell to its lowest point ever against the dollar and the euro.

Russia’s central bank decided to temporarily increase its key interest rate by 1.5 percentage points, to 7 percent, in a bid to keep the ruble’s fall from driving up inflation.

Markets also fell elsewhere in Europe.

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week