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Russian Stocks Decline Continues.

London, Tuesday, 29 March 2022

The MOEX Russia index gave up early gains on Tuesday, closing 0.9 percent lower at 2,408, extending losses from the previous two days as investors watched the commencement of talks between Kyiv and Moscow.

Despite the fact that the market ended in the red, officials maintained market restrictions to avoid selloffs, including a prohibition on short sales and a ban on foreigners selling Russian stocks.

Russia has yet to use the RUB 1 trillion in money given by the National Wealth Fund to acquire domestic stocks, according to Finance Minister Siluanov.

After the G7 governments rejected the Kremlin's demand for natural gas payments in rubles, energy titans Gazprom (-4.9%) and Lukoil (-3.8%) ended the day with losses.

At the same time, Severstal (-3.8 percent) continued to fall as the company's $12.6 million corporate bond remains at risk of default. Phosagro, on the other hand, increased by 6.8% as fertiliser prices rose.

(Written and edited by: The Decision Maker)


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