Moscow Stock Exchange Partially Reopens After Month-Long Closure
March 24, 2022
Russia partially reopened its stock markets Thursday with heavy restrictions on trading, following a month-long shutdown that was put in place as Russia’s invasion of Ukraine and subsequent Western sanctions caused a massive selloff that cratered the market.
The Moscow Exchange resumed trading in 33 Russian stocks including major companies like Gazprom, Sberbank, Rosneft and VTB at 9:50 a.m. local time.
Investors are banned from short-selling these equities and a halt on foreigners selling these stocks also remains in place.
Half an hour after trading opened, the MOEX Russia Index was up more than 10% at around 2,720 rubles, after it had slumped a record 45% on the day Russia’s invasion began.
The U.S. Deputy National Security Advisor for International Economics Daleep Singh dismissed the reopening as a charade and said: “Russia has made clear they are going to pour government resources into artificially propping up the shares of companies that are trading. This is not a real market and not a sustainable model—which only underscores Russia’s isolation from the global financial system.”
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