Russia announces emergency plan

The Russian authorities are preparing to spend $19.59 billion (€13.6 billion) in an effort to stabilise its financial markets as trading on its two main stock exchanges remain closed.

The government said on Thursday that half the funds would come from the budget, as Russia confronts its biggest macroeconomic challenge since its financial crisis a decade ago.

On Tuesday, the stock exchanges fell by 17%, prompting the authorities to shut down the MICEX and RTS, the country's two large stock exc