be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew. viking. exploring the world in comfort. the crushing sanctions imposed by the west with long lines at atms as people try to withdraw savings. sent the ruble crashing, as you know, it s now worth less than a u.s. penny. the moscow stock exchange remains closed for a second straight day. cnn chief business correspondent
europe first. major indices are currently up slightly as you can see there. less than two hours in the trading session and the ftse 100 just over 1.3 of a percent. clawing back the dramatic losses we saw on thursday. investors probably not surprised by the sanctions. i ll talk about that in a minute with anna. u.s. futures, very different future on wall street. lingering in the negative territory. red arrows right across the board. in russia, meanwhile, the bench mark index has recovered some. the index closed down 33%. the moscow stock exchange has canceled today s morning session. as the kremlin unleashes its military might, russia is coming under a barrage of international economic sanctions. on thursday the e.u. slapped a new round of sanctions. they will have, quote, a maximum impact on russia s economy and
ruble, which lost about a quarter of its value against the u.s. dollar on monday alone. there have been long lines at atms across the country, many scrambling to exchange rubles for euros and dollars but foreign currency has been difficult to find. after heavy losses last week, the moscow stock exchange will remain closed for a second day on tuesday. still, the kremlin insists preparations have been made to compensate for western sanctions. we re joined by ryan patel from the drucker school of management. ryan, thanks for being with us. my pleasure, john. part of putin s preparation was a nest egg, a foreign currency reserve of about $640 billion. about half of that, if not more, is now out of putin s reach because of sanctions and other measures by the u.s. and europe. it seems odd firstly that putin did not predict that. but more importantly, how does this now impact russia s economy, and how will it impact it over time? well, obviously impacting the war chest they ve built and
financial issues that we had been discussing. naturally, bearing in mind, the sanctions that the so-called western community as i called in my speech, the empire of lies is now trying to implement against our country. president vladimir putin holding crisis talks with his top-economic advisers as russia s economy reels from crushing western sanctions. cnn s anna stewart with more on the economic impact. reporter: life for ordinary russians just got much more expensive. translator: prices are rising, of course. savings are shrinking and stocks are falling. reporter: russia s financial system is reeling from crushing sanctions imposed by the west. the moscow stock exchange was closed monday after the russian ruble crashed to a record low against the dollar. at one stage, it was down more
the moscow stock exchange remains closed for trading for a forth straight day after the west imposed crushing sanctions on russia. according to jpmorgan, those sanctions have now sharply increased the chance of a russian default. in the u.s., we are just hours away from a new trading day after wednesday s strong rally on wall street. the dow alone closed up nearly 600 points. we re also seeing the price of oil climb, which of course means increased pressure on gasoline prices. since monday s close, crude has spiked more than 15%. and cnn s anna stewart joins us now from london. good morning, anna. so as russia s financial and trade ties with the world are increasingly cut off, what impact is this having? and just how will the country cope economically? form, rosemary. currently, russia s strategy here is to really pull up the financial drawbridge to the rest of the world. it s not letting any capital really leave what is being called fortress russia.