[Russia Declares 90-Day Moratorium! Ruble Devalued]
[Domestic Economic Impact Expected from Russia's Moratorium]
[Emergency Measures in Russia Cast Shadows Over Entire Industry]
[Recovery of $3.06 Billion in Loans and Investments to Russia Uncertain]
[Ruble Devalued by 33.7%, Dollar Exchange Rate Rises 50.8%]
Like a sudden blizzard striking in the early morning, a shockwave hit, rattling Asian stock markets, including South Korea's.
[KOSPI: 261.25 (▼21.33)]
As soon as the market opened, a massive sell-off poured in, and the index plunged over 21 points in an instant. Traders at every brokerage stood frozen, mouths agape, helplessly watching the market crumble.
"This can't be happening…"
"I thought it was finally stabilizing… and now it's collapsing again."
"How far is it going to fall?"
Everyone was too shocked by the horrifying scene to do anything.
Of course, they hadn't completely ignored taking action.
The moment the news of Russia's moratorium broke, they had rushed to dump all their holdings, placing sell orders without hesitation.
But with buyers nowhere in sight, the flood of sell orders crashed over the market like a tidal wave, and the index plummeted terrifyingly, as if tumbling off a cliff, without a single trade being executed.
"It's still falling! What are you waiting for—sell already!"
The manager shouted, veins bulging in his neck, but the traders could only respond helplessly.
"I want to, but I can't sell."
"There's nowhere willing to buy."
Seeing the trading screen filled entirely with sell orders, the manager couldn't push the traders any harder and swore under his breath.
"Damn it."
He knew, as well, that in a situation like this, there was nothing anyone could do.
All they could do was pray for the storm to pass quickly.
The manager bit his lower lip hard as he stared at the pitch-blue, grim market board.
Meanwhile, as the stock market plummeted, chaos gripped Daheung Venture Capital's fund management department as well.
"Over 680 stocks are falling!"
Yoo Seok-hyeon shouted urgently at the monitor, while Jung Hwan-yeop, sleeves rolled up and expression entirely serious, scratched his head in disbelief.
"This is insane. The whole market is collapsing."
Crossing his arms, Jung Hwan-yeop stepped forward and addressed Manager Choi Ho-geun, who was staring intently at the large market board mounted on the wall. His face was grim.
"Sir, shouldn't we be selling our positions even at this point?"
Hong Jae-hee, watching with worry in his eyes, added, "I don't think the situation looks normal either."
Noh Hee-won, the youngest, sat at his desk anxiously glancing around, silently agreeing.
It was understandable—they had invested billions of won into stocks, only to see such a crash within days.
Choi Ho-geun felt the tension in his chest burning just as fiercely.
Even though the purchases had been made under Seok-won's instructions, as the head of the department, he was the one most acutely feeling the stress in the office.
Part of him wanted to shout to just dump all the stocks they were holding right now.
But he couldn't—Seok-won's earlier words came to mind, the way he had first broken the news of Russia's moratorium.
[There will be some temporary shock, but the market has already been battered hard during the previous foreign exchange crisis. Even if the index drops, it won't fall drastically. So don't get swept up in the mood—just hold your positions.]
[Are you sure that's really okay?]
[Trust me.]
There was no hesitation in his firm tone, and Choi Ho-geun found himself nodding almost instinctively.
He still felt uneasy, but he decided to trust Seok-won's judgment.
Yet watching the index plummet so fiercely made his heart shrink with tension.
"How much loss have we taken so far?"
Choi Ho-geun turned his head to ask.
Jung Hwan-yeop quickly checked the monitor and answered,
"About sixty billion won!"
The small relief was that since they had started buying stocks below the 300-point level, the losses weren't yet catastrophic.
'Sixty billion and I'm thinking it's manageable… I must be crazy too,' Choi Ho-geun thought bitterly, letting out a dry laugh as he glanced at the large market board in front of him.
Hiding his tension and trying to appear calm, he spoke:
"The boss said it's just a temporary dip and that it'll recover soon. Let's watch and wait."
The moment he declared they would hold, Jung Hwan-yeop fidgeted in his seat.
"Didn't you hear? Russia just defaulted on its debt! This isn't just a short-term dip—the negative news is huge."
Other team members, likely thinking the same, glanced at Choi Ho-geun with wavering eyes.
Choi Ho-geun, aware of their unease, maintained a blank expression and replied firmly:
"I know. But the boss has never been wrong before."
"Ughhh…"
At that, even Jung Hwan-yeop couldn't argue.
"That's true, I guess."
Choi Ho-geun placed one hand on his hip and spoke in a low, steady voice.
"And even if we tried to sell now, there's no way it would go through."
Jung Hwan-yeop lowered his gaze to the trading screen.
With buy orders completely missing and nothing but sell orders visible, he pursed his lips and wore a resigned expression.
"Sigh… Yes, you're right, sir."
"The index will rebound soon, so let's trust it and hold on."
Choi Ho-geun spoke firmly, both to reassure his uneasy team and to steel himself.
Just then, a phone rang. Choi Ho-geun quickly pulled his phone from his pocket and answered.
[It's me.]
Hearing Seok-won's deep, steady voice, Choi Ho-geun immediately replied into the receiver.
"Ah, yes. Go ahead, sir."
[How much has the index dropped?]
Choi Ho-geun looked up at the large market board as he answered,
"It's broken past the 260 mark and is currently at 259.34."
[That's plenty of movement. Use the remaining cash to scoop up the stocks being dumped at rock-bottom prices.]
"...!"
For a moment, Choi Ho-geun thought he must have misheard. He blinked in disbelief and asked,
[You mean buy, not sell?]
[Exactly.]
The immediate reply made Choi Ho-geun grip the phone tightly in his hand.
"The trading screen is almost empty of buy orders—the situation is really bad."
[That's exactly why you buy. Right now, when fear is driving everyone to sell, is the perfect opportunity to pick up stocks at the lowest price.]
It wasn't wrong.
But looking at the market board, completely lit up in red with fear gripping the entire market, the thought of throwing money in made Choi Ho-geun uneasy.
And being told to pour in billions of won—it felt almost like tossing bundles of cash into a raging fire, which made him hesitate even more.
Still, Seok-won held the decision-making power, so Choi Ho-geun swallowed hard and answered almost instinctively.
"Ah, understood."
Whether aware of it or not, Seok-won's voice remained calm.
[I'll be boarding a plane soon. Keep that in mind, and if you need to reach me, use the satellite phone.]
"Yes, sir."
Betting billions—actually, when adding the stocks already purchased, the total exceeded one trillion won—and then heading off somewhere… Choi Ho-geun felt dizzy just thinking about Seok-won's composure.
'Considering the funds being managed by the Eldorado Fund in New York, maybe this is nothing for him.'
Having been on-site before, Choi Ho-geun once again realized just how formidable a figure Seok-won truly was.
After ending the call and pocketing his phone, Jung Hwan-yeop, who had been all ears, asked in disbelief,
"The boss isn't ordering a buy, is he? Surely not at this timing?"
Looking around, Choi Ho-geun noticed the rest of the team couldn't hide their astonishment at his phone conversation.
"That's right. Use all the remaining cash to buy the stocks."
"Ughhh!"
Jung Hwan-yeop groaned as if he had expected this.
"Full purchase at this point?"
"Exactly."
"My heart is literally twisting and pounding… I feel like I might get arrhythmia if this keeps up."
Choi Ho-geun muttered inwardly that he felt the same way but didn't show it, instead urging the team on.
"Stop wasting time talking and just start buying the stocks."
"Everything's sell orders anyway, so if we place the orders, they'll all go through," Jung Hwan-yeop shrugged.
"Who doesn't know that? We still need to grab as much as possible at the lowest prices," Choi Ho-geun replied.
"Yes, yes," Jung Hwan-yeop muttered, sitting down casually.
Choi Ho-geun clicked his tongue, then turned his gaze back to the large market board.
"Hoo…"
With a stiff face, he let out a small sigh and, as if trying to calm his anxious mind, pulled out a cigarette, placed it in his mouth, and lit it.
***
"We've arrived."
At the words of Han Ji-sung, Seok-won turned his head to see the VIP terminal at Gimpo Airport.
Stretching his long legs, Seok-won stepped out of the car through the door held open by Han Ji-sung.
Since the luggage had already been loaded onto the private jet, Seok-won headed with Han Ji-sung straight toward the terminal building.
After a quick security check and departure procedures, they stepped outside into a wide-open space, revealing a spacious tarmac.
Walking toward the waiting Gulfstream IV private jet and climbing the boarding stairs, they were greeted by Bella, in uniform, with a bright smile.
"Welcome, sir."
Seok-won nodded slightly in acknowledgment, removed his jacket, draped it over the seat back, and sat down.
Bella followed to take the jacket and informed him of the flight schedule.
"We're departing for New York in twenty minutes. Do you need anything?"
"A glass of water, please."
"Understood."
After tidying his jacket and placing it in the wardrobe opposite him, Bella headed toward the crew area at the front.
Leaning back in the plush seat, Seok-won turned his head to glance out the round windscreen, observing the planes of various sizes parked at intervals across the tarmac.
He then pulled out his phone and called Landon in New York.
Ring… ring… ring…
After a brief ring, Landon answered.
[It's me, boss.]
It was the middle of the night in New York, but the Russian moratorium had created an emergency situation, and Landon had rushed to the office.
"How's the situation in New York?"
[So far, it's unusually quiet.]
"Even if it looks calm on the surface, they're probably scrambling behind the scenes to gauge the full impact of the moratorium."
[Likely so.]
Seok-won lowered his voice slightly.
"It may be quiet now, but soon Wall Street will freeze under the bitter winds blowing from Siberia."
[…Just hearing you say that gives me chills.]
"We'll be departing soon, so I'll see you in New York."
[Understood. I'll be waiting.]
A short while later, the Gulfstream IV carrying Seok-won powered down the runway and soared into the sky, disappearing into the clear blue above.