But there could be another force at play. Investors are clearly worried that economic penalties imposed on Russia will hurt big businesses there. Yandex has now lost nearly three-quarters of its market value so far in 2022. Shares of Yandex ( YNDX) got cut by more than half Thursday, nosediving 53% in the wake of Russia's invasion of Ukraine. Want to see how much sanctions from the United States and Europe against Moscow could hurt Russian businesses, stocks and its economy? Look no further than Yandex, the search engine often referred to as Russia's Google. However, the penalties do not directly target Russia’s oil-and-gas industry nor will they cut Russian banks off from the crucial SWIFT payment network that connects financial institutions around the world. The sanctions include penalties on Russian banks, billionaires and high-tech imports.
The oil rally faded throughout the day, culminating during President Joe Biden’s speech detailing sanctions against Russia. At one point, US crude spiked 9.2% to $100.54 a barrel. US crude settled at $92.81 a barrel, up just 0.8% on the day. That’s well shy of the earlier rally to $105.79 a barrel. However, Brent crude, the world benchmark, finished the day just 2.3% higher to $99.08 a barrel. Oil prices surged in the immediate aftermath of the invasion amid fears the conflict would disrupt supplies from Russia, the world’s No. The spike in oil prices cooled off significantly on Thursday afternoon, with crude backing away from seven-year highs hit after Russia invaded Ukraine. Working pumpjacks are seen in the Montebello Oil Field in Montebello, California, on February 23.
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