Russia’s stock market has crashed on Wednesday, September 21, following President Vladimir Putin‘s announcement of a partial mobilization to support his campaign in Ukraine.

The MOEX Russia Index—the ruble-denominated benchmark of the Russian stock market—sank as much as 10 percent on Wednesday, cutting losses at 2,150, according to data from Trading Economics.

According to the website, which provides economic data for 196 countries, the fall in the Russian stock market is a direct consequence of Putin’s call for more troops to fight in Ukraine, Russia’s first mobilization since World War II.

Vladimir Putin speaks during the concert marking the 100th Anniversary of Karachay-Cherkessia, Adygea Republic and Kabardino-Balkarian Republic, at the Grand Kremlin Palace, September 20, 2022, in Moscow, Russia. Russia’s stock market crashed on Wednesday after Putin announced a partial mobilization. Contributor/Getty Images

On Wednesday, as reported by Russian state news agency Tass, Putin announced a new mobilization campaign which will call up to 300,000 additional soldiers to join the efforts in the neighboring country which Moscow’s troops invaded on February 24. The Russian president fell short of declaring a full, national draft, calling instead for those with military experience to step forward and join Moscow troops in Ukraine.

As recorded by Trading Economics, the MOEX Russia index already tanked yesterday as the Kremlin confirmed that it’s moving to annex Ukrainian territory though a series of referendums in the regions of Luhansk, Donetsk, Kherson, and Zaporizhzhia.

This is a breaking news story and will be later updated.