The Russian stock market partially reopened Thursday for the first time in a month following the invasion of Ukraine.
Stocks on the exchange were shut down on Feb. 25, a day after Russian President Vladimir Putin ordered an attack on Ukraine, causing shares to plummet. Western sanctions then hammered the Russian ruble, sending the country’s economy into a tailspin.
The Moscow Exchange and composite index, known as MOEX, lost roughly 35% of its value, while the Russian Trading System, or RTS plummeted by 42%.
To limit the impact, Moscow imposed several rules before trading began early Thursday. Foreign investors were banned from dumping local stocks. Most of the Russian market is owned by foreigners. Brokers are also banned from selling stocks on foreigners’ behalf.
Russia also ordered its main sovereign wealth fund to buy billions of shares and only allowed 15% of listed shares to trade. Among the stocks allowed to be traded are blue-chip energy companies Gazprom, Rosneft, and Lukoil.
The White House House slammed the reopening, saying the heavy-handed rules made trading a “charade,” claiming Moscow is pouring government resources into artificially propping up stock value.
“This is not a real market and not a sustainable model—which only underscores Russia’s isolation from the global financial system. The United States and our allies and partners will continue taking action to further isolate Russia from the international economic order as long as it continues its brutal war against Ukraine,” said deputy national security adviser for economics Daleep Singh.
Trading on the Russian exchange lasted from 9:50 a.m. to 2 p.m.
• Jeff Mordock can be reached at jmordock@washingtontimes.com.
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