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Russia’s central bank said Thursday that it ordered brokers to stop allowing traders to, place bets against Russian shares, a practice known as short-selling.
UKRAINE BANK CUSTOMERS SEEN WITHDRAWING CASH FROM ATMS
Short sellers borrow stocks they believe are overvalued and immediately sell them, hoping to repurchase the shares for a lower price when they need to be returned and to pocket the difference. The MOEX, Russia’s benchmark stock index, crashed 45% Thursday.
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Officials earlier had suspended trading on Moscow’s exchange before reopening it at 10 a.m. local time.
Russian President Vladimir Putin listens to a journalist’s question during a joint news conference with Hungary’s Prime Minister Viktor Orban following their talks in the Kremlin in Moscow, Russia, Tuesday, Feb. 1, 2022. (Yuri Kochetkov/Pool Photo via AP / AP Newsroom)
