Russia’s stock market slid after talks between Vladimir Putin and Donald Trump ended sooner than expected and without tangible progress on the war in Ukraine.

The Moscow Exchange index dropped 2%, erasing about 130 billion rubles ($1.6 billion, according to spot foreign exchange market data published by Reuters) in market capitalization.

Shares of state energy companies led the decline, with Gazprom falling 2.9%, Rosneft 2.6% and Sovcomflot nearly 3% by 11:07 a.m. Moscow time Saturday. Metals producers and state banks also retreated, while flagship airline Aeroflot slid 2.9%.

The ruble weakened on forex markets, with the dollar rising 0.5% to 80.15 rubles and the euro up 0.9% to 93.76. –