The Moscow stock exchange plunged nearly 12% in early trading on Monday following multiple strikes on Ukrainian cities and a weekend explosion that partially destroyed the bridge connecting Crimea to Russia.
The benchmark ruble-denominated MOEX index dropped 11.9% to 1,780.39 points at 10:03 a.m., briefly falling below the 1,800 mark for the first time since Moscow sent troops into Ukraine on Feb. 24.
The dollar-denominated RTS index slumped by 13% to 909.26 points.
The sharp movements came as Russia was unleashing widespread missile attacks across Ukraine on Monday, after the partial destruction of the bridge linking Russia and the Crimea peninsula the Kremlin annexed in 2014.
President Vladimir Putin on Sunday accused Ukraine of being behind the deadly explosion, which damaged the bridge, and reprisals were expected due to the symbolic importance of the infrastructure.
The ruble, which had been recovering for several months, was also trading lower on Monday against the dollar and the euro.
One dollar was being traded for around 62.9 rubles late Monday morning, Moscow Times reports.
