Russian stocks crash as central bank scrambles

European and U.S. leaders have threatened sanctions against Russia, creating risks that economic growth will stall, demand for the country’s assets will dry up and a selloff in the currency will deepen. “There is a risk of international backlash against Russia at a time when the economy faces an increasing need for foreign capital inflows… This uncertainty risks a further escalation in domestic capital outflow.”

Around the world, stock markets are tumbling with Europe down around 2% – almost its largest drop in 7 months; and Japan down 600 from Friday’s highs.