Foreigners dump Russian stocks as volatility ups the risk factor

New York

INTERNATIONAL investors are exiting their investments in some of the most liquid Russian companies as soaring volatility in the country's stocks and currency push them to turn to less risky assets.

They are getting out of Russian stocks faster than local traders are selling shares on the Moscow Exchange, causing the valuation gap between onshore- and offshore-traded equities to narrow to levels not seen in as long as a year. The asset dump comes after oil, the country's main source of revenue, plunged to a 12-year low last week and the rouble retreated the most among developing-nation peers.