Russia’s stock market has suffered its worst week in more than two years in response to U.S. President Donald Trump’s sweeping global tariffs and a drop in global oil prices.
The market capitalization of companies listed on the Moscow Exchange (MOEX) fell by 2 trillion rubles ($23.7 billion) over just two days, sliding from 55.04 trillion rubles ($651.8 billion) at Wednesday’s close to 53.02 trillion ($627.9 billion) by the end of trading Friday, according to exchange data.
The MOEX Russia Index, which tracks 43 of Russia’s largest publicly traded companies, lost 8.05% over the week — its worst performance since late September 2022, when markets were rattled by the Kremlin’s announcement of mass mobilization for the war in Ukraine.
At the end of trading on Friday, shares in some of the country’s largest firms had plunged: Sberbank fell by 5.2%, Gazprom 4.9%, VTB 6%, Rosneft 3.9% and Lukoil 4.6%. Mechel, the steel and coal giant, dropped more than 7%, while flagship airline Aeroflot slid 4.8% and gas producer Novatek fell 5.4%.
“A massive crisis is unfolding before our eyes,” said Yevgeny Kogan, an investment banker and professor at the Higher School of Economics in Moscow.
Here is the full story, via C. At least Trump does not seem to be a Russian agent…
The post Russia facts of the day appeared first on Marginal REVOLUTION.
