Russian shares have fallen sharply after US and EU bolstered sanctions against Russia over its alleged support for separatists fighting in Ukraine.
The sanctions targeted major banks, defence firms and energy companies including Rosneft.
The RTS stock index, which is based on the share prices of 50 of Russia’s most prominent firms, fell by more than 4%.
Prime Minister Dmitry Medvedev called the sanctions “evil” and said that Russia might increase defence spending.
The boosted sanctions were imposed against Rosneft and fellow energy company Novatek, plus two banks: Gazprombank, and the state-owned Vnesheconombank.
Shares in energy giant Rosneft fell by over 5% in Thursday morning trading, and Novatek shares lost 11% in value.
The Moscow-based Micex stock exchange, which trades in roubles, fell by over 2.6%.