Yandex Falls With Russian Ruble

Yandex NV YNDX was among the Russian stocks suffering Tuesday as the Ruble continued its fall.

YNDX shares dropped over 10 percent Tuesday morning before recovering some of the losses. Shortly after 11 AM EST the stock traded at $16.42, down 7.10 percent.

The Market Vector Russia ETF Trust RSX began to recover early losses also after 11 AM but has fallen over 25 percent in the past five days.

The volatility in Russian equities came amid Russia's central bank raising its “key interest rate to 17 percent from 10.5 percent early Tuesday in an emergency move to halt a collapse in the rouble as oil prices decline and the country's sanctions-hit economy slides toward recession,” according to Reuters.

The intervention by the central bank seems to have triggered additional fear. “The ruble plummeted into a freefall, losing as much as 19 percent as panic swept across Russian financial markets” after the rare increase “failed to stem the run on the currency,” according to Bloomberg.

As of 11:33 AM EST, the Market Vector Russia ETF Trust traded at $14.59, up 4.74 percent and Yandex NV traded at $17.35, down 1.87 percent.