Russian Stocks Are Rallying

Russia micexMoscow ExchangeIn ruble terms.

Russian President Vladimir Putin isn’t backing down.

Following Sunday’s Crimean referendum to join Russia, the U.S. responded by announcing sanctions.

But in a speech today, Putin reiterated his commitment to annex the Ukrainian region.

“We all used to belong to the same country: The Soviet Union,” he said. “The Soviet Union has collapsed. The events happened in such a fast way that many of the countries didn’t realise … When Crimea ended up in a different state, Russia realised that not only Russia was robbed, but Russia was robbed in broad daylight.”

“Crimea is a Russian land.”

The Russian stock market is rallying today. It’s currently up by around 1.5% in dollar terms. Still it’s down 13% since the beginning of the year.

Thanks to a rebounding ruble, Russian stocks are up 2.2% in Russia.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.