News

Stocks in Russia Hit 3-year Low
MOEX decreased to 2203.00 Index Points, the lowest since February 2023. Over the past 4 weeks, MOEX lost 12.25%, and in the last 12 months, it decreased 19.84%.
Published on 2026-07-06

Stocks in Russia Hit 17-month Low
MOEX decreased to 2450.00 Index Points, the lowest since December 2024. Over the past 4 weeks, MOEX lost 7.97%, and in the last 12 months, it decreased 11.94%.
Published on 2026-06-18

Russian Stocks Fall Toward 10-Month Low
The MOEX Russia Index fell to 2,550 in October, testing year-to-date lows as more sanctions against Russia pressed the outlook for major energy companies and Moscow's fiscal stability. Rosneft and Lukoil plunged to two-year lows after the US sanctioned both oil giants, which together account for half of Russian oil exports and a large portion of the federal government's budget revenue. Indian refineries noted that sanctions from the US government are likely to halt oil orders from Reliance and state processors, magnifying the impact of the measures. Similarly, Novatek and Gazprom sold off the EU was set to prohibit members from buying Russian LNG as of 2027. On top of that, equities were pressured by the signal of restrictive policy by the Bank of Russia in its latest decision, despite coming with a small rate cut. Russian stocks had declined sharply since August as higher inflation and a lower public spending outside of defense dented domestic economic activity.
Published on 2025-10-24

Russian Stocks Plunge Toward YTD Low
The MOEX Russia Index sank to the 2,650 mark on Thursday, close to the year-to-date low of 2,540 from on October 14th as additional sanctions against Russia pressed the outlook for major energy companies and Moscow's fiscal stability. Rosneft sank 5% to a two-year low and Lukoil dropped 4% after the US sanctioned both oil giants, which together account for half of Russian oil exports and a large portion of the federal government's budget revenue. Indian refineries noted that the sanctions and additional pressure from the US government are likely to halt oil orders from Reliance and state processors, magnifying the impact of the measures. In the meantime, Novatek dropped 3.5% and Gazprom lost 2% as the EU was set to prohibit members from buying Russian LNG as of 2027. Russian stocks had declined sharply since August as higher inflation, high interest rates by the CBR, and a lower public spending outside of defense dented domestic economic activity.
Published on 2025-10-23

Russian Stocks Plunge Toward YTD Low
The MOEX Russia Index sank to the 2,650 mark on Thursday, close to the year-to-date low of 2,540 from on October 14th as additional sanctions against Russia from the US and the EU pressed the outlook for major energy companies and Moscow's fiscal stability. Rosneft sank 5% to a two-year low and Lukoil dropped 4% after the US sanctioned both oil giants, which together account for half of Russian oil exports and a large portion of the federal government's budget revenue. Indian refineries noted that the sanctions and additional pressure from the US government are likely to halt oil orders from Reliance and state processors, magnifying the impact of the measures. In the meantime, Novatek dropped 3.5% and Gazprom lost 2% as the EU was set to prohibit members from buying Russian LNG as of 2027. Russian stocks had declined sharply since August as higher inflation, high interest rates by the CBR, and a lower public spending outside of defense dented domestic economic activity.
Published on 2025-10-23

Russian Stocks Record Losses
The MOEX Russia Index fell to below 2,800 in the latter part of September, tracking the broad pressure on Russian assets on the pessimistic outlook for the Russian economy. The US pressured G7 countries to tighten sanction against Russia due to their invasion of Ukraine and recent airspace violation on NATO members, driving Brussels to propose stricter penalties against Russian oil and financial companies and the anticipation of total Russian LNG ban. This magnified the impact of low natural gas prices on major Russian producers, with Gazprom trading relatively close to its record low at RUB 120 per share. In the meantime, sanctions also threatened to target tankers and third countries still buying Russian oil and fuel, extending deep losses for Lukoil and Rosneft since the start of the year. Broad pressure on the Russian corporate sector was also owed to bets that the CBR may have finished its cutting cycle as higher taxes in Russia's new budget may rekindle inflation.
Published on 2025-09-23

Russian Stocks Extend Rise
The MOEX Russia Index rose to the 3,000 mark to gain 10% in August amid hopes of an end to Russia's war against Ukraine. President Putin met with US counterpart Trump in Alaska to discuss potential terms to a ceasefire or an end of the invasion, followed by the US hosting Ukrainian President Zelensky and European leaders for their take on acceptable terms. In the meantime, India signaled it would continue to buy Russian oil despite higher tariffs from the US in doing so, supporting Rosneft and Lukoil to trade at their highest since March and June, respectively. Russian stocks extending the period of no correlation to movements in global equity markets and little response to global macro developments, as the series of Western sanctions against Russia detached its financial sector to global developments. A slowdown in the high level of inflation raised the likelihood of more rate cuts by the CBR, currently at 18%, although growth for this year is currently expected to slow to 1.4%.
Published on 2025-08-19

Russian Stocks Advance to 3-Month High
The MOEX Russia Index jumped to 2,930 in August, its highest since May, amid stronger hopes to the end of war against Ukraine and expectations that current consumers of Russian energy will continue trade. Reports indicated the US was considering agreeing to a ceasefire that would allow Russia to keep eastern parts of Ukraine, supporting the likelihood of an end to the conflict. In the meantime, India signaled it would continue to buy Russian oil despite higher tariffs from the US in doing so. Meanwhile, Russian stocks extending the period of no correlation to movements in global equity markets and little response to global macro developments, as the series of Western sanctions against Russia detached its financial sector to global developments. Consequently, the outlook of capital flows in Russia remained relatively immune to threats of tariffs from the US and economic uncertainty in Europe. Banks remained among Moscow's outperformers this year with Sberbank trading relatively close to
Published on 2025-08-08

Russian Stocks Drop on Trump Threat
The MOEX Russia Index fell to 2,750 in late July after US President Trump stated he would anticipate the deadline for Russia to achieve a ceasefire with Ukraine. While refraining on providing concrete details on the threat, Trump, noted he would place tariffs on countries re-exporting Russian goods. This magnified the pressure on energy producers with Lukoil, Rosneft, and Gazprom sinking on lower energy demand from China and tighter sanctions on tankers from Europe hurt their sales. In the meantime, the MOEX extended the period of no correlation to movements in global equity markets and little response to macro developments, as the series of Western sanctions against Russia detached its financial sector to global developments. Banks remained among Moscow's outperformers this year with Sberbank trading relatively close to pre-Ukraine war levels. This was supported by the central bank's signal they may bailout commercial banks if bad loans worsen.
Published on 2025-07-28

Russian Stocks Hold July Rebound
The MOEX Russia Index was at the 2,800 mark in late July, holding most of the rebound from sharp losses in the first half of the month and extending the period of no correlation to movements in global equity markets and little response to global macro developments, as the series of Western sanctions against Russia detached its financial sector to global developments. Banks remained among Moscow's outperformers this year with Sberbank trading relatively close to pre-Ukraine war levels. The resumption of interest rate cuts by the CBR also supported the outlook for lenders as loan demand has eased with the economy's slowdown, magnified by the central bank's signal they may bailout commercial banks if bad loans worsen. On the other hand, Lukoil, Rosneft, and Gazprom held sharp losses from the year as softer energy demand from China and tighter sanctions on tankers from Europe hurt their sales. The EU lowered their cap on purchases and sanctioned more Russian banks and fuel tankers.
Published on 2025-07-25

Russian Stocks Erase July Losses
The MOEX Russia Index was at the 2,820 mark in late July, fully erasing the sharp losses from the first half of the month and extending the period of no correlation to movements in global equity markets and little response to global macro developments, as the series of Western sanctions against Russia detached its financial sector to global developments. Consequently, the outlook of capital flows in Russia remained relatively immune to threats of tariffs from the US and economic uncertainty in Europe. Banks remained among Moscow's outperformers this year with Sberbank trading relatively close to pre-Ukraine war levels. This was recently supported by greater financial integration with China and the Middle East, while the CBR noted they may bailout commercial banks if bad loans worsen. On the other hand, Lukoil, Rosneft, and Gazprom held sharp losses from the year as softer energy demand from China and tighter sanctions on tankers from Europe hurt their sales.
Published on 2025-07-24

Russian Stocks Remain Under Pressure
The MOEX Russia Index has been fluctuating around the 2,800 level in June, remaining close to a four-month low of 2,650 reached on April 9th, as investors continue to weigh the risk of further sanctions. The US Senate is considering a bill that would impose additional sanctions on Russia, as well as secondary sanctions on countries conducting trade with it. However, President Trump's stance on the proposed legislation remains unclear. Meanwhile, the EU is preparing its 18th sanctions package against Russia, though it appears to be coordinating its next steps with the US. Potential measures could include tightening the $60-per-barrel price cap on Russian seaborne oil exports. These developments come amid ongoing hostilities in Ukraine, with no major breakthroughs in peace negotiations. Year-to-date, the MOEX is down over 3%, following a nearly 7% decline in 2024. Among major constituents, Rosneft has plunged nearly 30%, Lukoil is down close to 12%, and Gazprom has lost more than 5.5%.
Published on 2025-06-09

Russian Stocks Rebound from April Lows
The MOEX Russia Index was above the 2,900 mark in April, rebounding from the near four-month low of 2,650 touched on April 9th, contrasting sharply to movements in US and Asian equity markets as the series of Western sanctions against Russia detached its financial sector to global developments. Consequently, capital outflows from Russia were relatively limited compared to other economies in Asia, as its shunned markets are due to have a lesser impact by trade wars between the US and its major trading partners. Still, the index was indirectly supported by the momentary rebound in energy prices after US President Trump delayed the aggressive batch of reciprocal tariffs passed earlier this month, supporting major fuel energy producers. Rosneft and Lukoil rebounded sharply from their recent slides, while Sberbank and Yandex expanded their rallies since the start of the year.
Published on 2025-04-21

Russian Stocks Fall to Over 4-Month Low
The MOEX Russia Index dropped to the 2,700 level, its lowest since December, amid a broad market selloff triggered by President Trump’s announcement of sweeping new tariffs. Investors were caught off guard by the scale of duties on key U.S. trading partners. The move escalated trade tensions, with China imposing 34% tariffs on U.S. goods and the EU threatening countermeasures if talks fail. Oil stocks fell sharply as crude prices dropped to their lowest since April 2021, deepening losses on fears a global recession will curb demand. Banks also underperformed, with Sberbank down over 10% in a month, Rosneft over 16%, Lukoil more than 11%, Novatek over 14%, and Gazprom more than 25%.
Published on 2025-04-07

MOEX Retreats from Recent Highs
The MOEX Russia Index fell below the 3,200 level after reaching a nine-month high in late February, as traders closely monitored ceasefire negotiations between Russian and US officials. While Ukraine has agreed to a 30-day ceasefire, President Putin has resisted accepting all US proposals, maintaining that any agreement must prevent Ukraine from rearming. Meanwhile, President Trump agreed to fewer concessions from Putin for the partial ceasefire between Russia and Ukraine. The US stance aligns with its more conciliatory tone toward the Kremlin following the change in administration. Despite the latest pullback, the MOEX is still up about 9% year-to-date, with shares of Sberbank nearing pre Ukraine-war levels. Additionally, Polyus, Russia’s largest gold producer, has seen its stock surge roughly 36% this year.
Published on 2025-03-25

Russian Stocks Approach 9-Month High
The MOEX Russia Index rose to 3,200 in March, not far from the nine-month high of 3,326 touched in late February, supported by expectations that the CBR may have ended its tightening cycle while markets continued to assess the magnitude of sanction relief by the US. The Russian central bank held it policy rate unchanged and struck a slightly more optimistic tone in the economy's disinflation process while signaling that it is less likely that another rate hike will be needed. In the meantime, US President Trump agreed to fewer concessions by President Putin for the partial ceasefire between Russia and Ukraine. The US stance was consistent with its friendlier rhetoric towards the Kremlin with the introduction of the new US Presidential administration, with US sanctions on Russia's oil tanker fleet not being imposed in recent weeks as satellite data showed tankers loading oil in Russian docks. Rosneft and Lukoil both rebounded, and Sberbank was near pre-Ukraine war highs.
Published on 2025-03-21

Russian Stocks Pull Back from 9-Month High
The MOEX Russia Index fell to below the 3,150 mark from the nine-month high of 3,326 on February 25th as markets reconsidered the ease and speed in which domestic companies may return to the global financial markets. US President Trump threatened additional banking tariffs on Moscow should Russia delay ceasefire deals after the country struck Ukrainian gas infrastructure, a change in rhetoric from the previous friendly tone with the Kremlin. This magnified the impact of lower demand for Russian oil and gas, driving Lukoil, Rosneft, and Gazprom to plunge in March. Stocks had rallied in February after the new US Presidential administration adopted favorable relations with Russia and pressed Ukraine on accepting Russian terms for a ceasefire in their war. The developments ramped up expectations that the US would expedite the removal of tariffs on Russia, reestablish economic ties, and aid its return to global financial markets, which would trigger sharp inflows of capital into Moscow.
Published on 2025-03-13

Russian Stocks Hold Near 9-Month Highs
The MOEX Russia Index was above the 3,230 mark in March, holding close to the nine-month high touched in late February amid reports that the US seeks to give Russia sanctions relief. The reports coincide with pro-Russian rhetoric that has been echoed by the new US Presidential administration, including the halt in aid to Ukraine and President Trump’s signal that the US may reestablish economic ties with Moscow. Such measures would pave the way to reintroduce Russian capital markets into the global financial system and remove barriers on Russian commodities, which have been excluded since 2022. Gazprom rallied over 70% since testing record lows in November of last year, while Sberbank also traded within 6-month highs. Additionally, Rusal shares in Hong Kong soared by over 50% in the week amid expectations it may return to regular aluminum exports.
Published on 2025-03-04

Russian Stocks Hold at 9-Month High
The MOEX Russia index held at the 3,300 mark in February, its highest level since May of last year and in line with the strong momentum for other Russian assets as markets consider the possibility that Russia’s war with Ukraine may be nearing its end. Delegations from the US and Russia met and started to discuss conditions for a ceasefire in Ukraine. Since then, US officials struck a lenient rhetoric towards Russia and criticized Ukraine’s approach to martial law, raising bets that the US may remove sanctions and reintroduce Russian capital markets into the global financial system. Gazprom rallied over 70% since testing record lows in November of last year, while Sberbank, Rosneft, and Lukoil also traded within 6-month highs. Additionally, Rusal shares in Hong Kong soared by over 50% in the week amid expectations it may return to regular aluminum exports.
Published on 2025-02-24

Russian Stocks Surge to 9-Month High
The MOEX Russia index surged to the 3,300 mark in February, its highest since May of last year and in line with the strong momentum for other Russian assets amid expectations that Russia’s war with Ukraine may be approaching its end. US President Trump held a call with Russian President Putin and signaled that the US will mediate talks for a ceasefire between Russia and Ukraine in their war. Additionally, the lenient rhetoric with concessions for Russia by US authorities backed expectations that Washington may remove sanctions and reintroduce Russian capital markets into the global financial system, which would raise exports and trigger an aggressive inflow of foreign funds into the Moscow Exchange. Gazprom rallied over 70% since testing record lows in November of last year, while Sberbank, Rosneft, and Lukoil also traded within 6-month highs. On the monetary policy front, the Bank of Russia maintained its key rate at 21% but signaled the possibility of a rate hike next month.
Published on 2025-02-14