(Bloomberg) -- Investors are paying the most on record to hedge against losses in Russian stocks as the conflict in neighboring Ukraine intensifies.

The cost to protect against declines in the Market Vectors Russia ETF, the biggest U.S. exchange-traded fund that holds Russian shares, rose to an all-time high relative to emerging- market stocks, based on implied-volatility data for options. The ETF has lost 8.4 percent since President Vladimir Putin’s intervention in Crimea started on March 1.

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