Speed Reads

frozen in freefall

Russian stock exchange won't reopen on Monday

Russia's central bank announced Saturday that the Moscow Exchange will not reopen on Monday, though commodity and foreign currency trading will resume, CNN reports.

The Moscow Exchange closed on Friday, Feb. 25, the day after Russian forces invaded Ukraine, and has remained closed ever since. The following Monday, Reuters reported, Russia's central bank banned foreign individuals and entities from selling Russian securities.

President Biden on Friday told a group of House Democrats in Philadelphia he expects that "the moment [the Russian stock exchange] opens, it will be disbanded. Hear me? It will blow up," The New York Post reported.

According to Reuters, the Russian ruble "has lost a third of its value" since the invasion began.

On Tuesday, Biden announced a ban on Russian oil imports. On Friday, he called for an end to Russia's "most favored nation" trade status, which will allow the U.S. to impose additional tariffs on Russian goods. The revocation must be approved by Congress, but it is likely to pass.

Biden also announced bans on Russian alcohol, seafood, and diamonds.