IShares MSCI Russia ETF sinks further into record-low territory

The iShares MSCI Russia ETF ERUS, -9.83% dropped another 8.1% in premarket trading Thursday to fall further into record-low territory, in the wake of MSCI Inc.'s MSCI, +2.14% announcement that Russia's equity markets were "uninvestable" given harsh sanctions in response to Russia's invasion of Ukraine. The Russia ETF has plummeted 63.5% since the invasion began through Wednesday. Equity index provider MSCI had said on Wednesday that it was reclassifying MSCI Russia Indexes to "standalone markets" status from "emerging markets," with the reclassification implemented across all indexes at a price that is effectively zero as of the close of March 9. Separately, the London Stock Exchange said Thursday that trading in shares of Russia-based companies will be halted, joining the Deutsche Boerse, NYSE and the Nasdaq.

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