The UK's top share index, the FTSE 100, is going through a torrid time just now following the Russian invasion of Ukraine.
But the outlook is more clouded for Britons who have billions of pounds invested in Russian companies.
These shares are trapped in Moscow's stock market - and the bad news is that they may see the value of their holdings effectively wiped out when trading eventually resumes.
Russia's stock market was closed all last week as the country faced immense economic sanctions in response to the invasion of Ukraine.
The value of Russian shares owned by UK investors before the Kremlin closed Moscow's market was £4.7billion, according to analysis by The Telegraph.
The newspaper examined the investor split and market value of stocks on the MOEX index, which includes oil and gas giant Lukoil, e-commerce giant Ozon and airline Aeroflot.
The figures exclude the value of BP's 19.75% stake in Rosneft. BP has said divesting this holding will result in charges of up to £19billion.
The MOEX index has plunged by a third since mid-February and hit its lowest level since 2017 before trading was suspended.
The VanEck Russia exchange traded fund - the biggest investing in the country's stocks - plunged 65% last week in a hint of the declines facing Moscow when its market reopens.
Tim Ash, an emerging markets strategist at BlueBay Asset Management, told The Telegraph that the biggest losers from the slump in the country's assets will be Russians.
He said: "Unlike probably 1998, where the foreigners were caught (out) and Russians really weren't that involved, this time around the Russians basically believed Putin's lies so they stayed invested. It just makes the impact on Russia more devastating."
Mr Ash warned the country's assets are now "more or less worthless" - meaning many Russians will "lose a huge amount of their financial wealth".
FTSE 100
Wider stock markets are also feeling the pressure from the crisis with last week's 6.7% plunge on the FTSE 100 its worst since March 2020 after the pandemic first struck Europe.
The FTSE 100 closed on Friday at 6,987 - a loss of 3.48% or 251 points on the day.
The situation got even worse this morning when the index suffered an early plunge of 122 points to 6864.
Significant falls are also expected on the major US stock markets when they open later today.
Companies reporting today
- Full-year results: Clarkson, HG Capital Trust
Other updates
- Treasury Select Committee on Russian economic sanctions
- Halifax house price study