Russia humbled as Google now worth more than entire country
Russia’s humbling by the global financial markets has taken a fresh twist with news that tech giant Google has now surpassed the valuation of the entire Russian market.
Russia’s eclipse followed a further soar in the value of the NYSE to set a new record high; whilst stocks slid in tandem in Russia still reeling from a currency crisis, sanctions and a collapsing oil price.
In further good news for Google arch-rival Apple has also withdrawn from the Russian market after being unable to accurately price its goods due to the rapidly fluctuating rouble.
The eclipse heaps further ignominy on Vladimir Putin who has been pursuing an aggressive military strategy at the expense of the economy.
Russia’s tumble comes as Putin sought to calm market jitters during a live three-hour press conference, claiming that present currency movements were part of a conspiracy by America and the EU to weaken the country.