The Russian stock market is experiencing one of the deepest crises in recent years. Amid a trade war launched by the United States, indices are plummeting, investors are losing confidence, and oil prices – the country’s key economic resource – are reaching their lowest levels in several years. Although Russia is not on the list of countries against which US President Donald Trump has imposed new tariffs, the economic storm that has engulfed global markets has also hit Moscow hard, The Moscow Times reports.
As of 13:30 Moscow time, the main index of the Russian stock exchange MOEX fell by 3.9% to 2,675 points. This is the lowest level since December 2024. The decline has been going on for 14 trading sessions in a row, which is the longest negative streak in recent years. The RGBI bond index, which reflects the value of government debt securities, also lost 1.7%.
According to Kirill Komarov, Head of Research at T-Investments, the current situation is a “perfect storm” for the Russian economy. He noted that the market is being affected by several negative factors at once: geopolitical tensions, the Central Bank’s tight policy on the key rate, the strengthening of the ruble and falling oil prices. Investors have lost hope in lower interest rates, the return of foreign capital and the stability of Russian companies’ profits.
The situation in the energy market was an additional blow. Urals oil prices fell to $50 per barrel, the lowest since March 2023. The global benchmark, Brent, is also falling in price, reaching $63.15, the lowest level since 2021. The reason for this was the escalation of the trade conflict between the US and China, caused by new tariffs announced by Washington.
This poses serious risks to the Russian budget, as oil and gas sales account for a third of the state treasury’s revenues. On Friday, a barrel of Urals was worth $53, but on Monday, according to Reuters, the price could drop even lower, to $50. If the trend continues, this will be the lowest level since March 2023.
Among the companies that have suffered the most are the giants of Russian industry: Norilsk Nickel, Novatek, Gazprom, Gazprom Neft, Surgutneftegaz, VTB and Lukoil. The shares of all of these companies have shown significant losses.
Analysing the situation, SberCIB analysts note that the market is under pressure from global geopolitics, a drop in international stock markets and a sharp decline in oil prices. Alfa Capital expert Oleksiy Klimyuk added that the current market situation is more like panic than rational action – investors are acting emotionally, fearing further losses.
The Kremlin has officially responded to the economic turbulence. Presidential spokesman Dmitry Peskov called the market situation “extreme, tense and emotionally charged”. According to him, the government is “closely monitoring the situation” and will take all necessary measures to minimise the effects of the global economic storm on the Russian economy.
Despite market pessimism, some experts see opportunities for stabilisation. If the ruble remains strong, the Central Bank could cut its key policy rate, which would have a positive impact on the market. On the other hand, if oil prices continue to fall, this could lead to a devaluation of the ruble, which could also theoretically support the stock exchange. However, for now, the market is dominated by nervousness and distrust.
