Sanctions On Russia Already Biting

 "U.S. and European officials said sanctions are already biting. Russia's Micex stock index has plunged 12 percent this year, worse than the 4.5 percent decline in the MSCI Emerging Markets Index. It rose 2 percent today. The ruble has weakened 7.9 percent in 2014, making it the second-worst performer against the dollar among 24 developing-market currencies tracked by Bloomberg. It gained 1.2 percent to 35.6739 per dollar today. Russia's Finance Ministry canceled its fourth ruble-bond auction in a row, scheduled for tomorrow, citing 'unfavorable market conditions' in a statement on its website. Investors pulled $5.5 billion from Russian equities and bonds this year through March 20, already approaching the total outflow of $6.1 billion for all of 2013, according to data compiled by EPFR Global, a Cambridge, Massachusetts-based company that tracks fund flows." Julianna Goldman, Mike Dorning and Daria Marchak in Bloomberg.