“Everyone is pulling their hands away from Russia,” says Veronique Goossens, chief economist at Belfius, in “The morning” on Radio 1. “Everyone wants to get rid of their rubles. Courier services such as Fedex and UPS, for example, do not want to deliver anything to Russia anymore. But also British Petroleum oil company announces that it would sell its nearly 20% stake in Rosneft, a Russian state oil company that supplies Russia with much of its fuel, which of course also causes a price drop.”
This means that the strong recovery from Friday, after the sledgehammer blow on Thursday just after the Russian invasion, has largely been undone. These market fluctuations are comparable to IPOs in other wars. In the run-up to a military attack, the stock markets fall, after which the situation starts to recover once an operation is launched, albeit with some fluctuations.
–
