Finance

Russian stock market to resume limited trading on Thursday

Associated Press/Michael Probst

The Russian stock market will resume limited trading on Thursday for the first time in nearly a month after closing amid the country’s invasion of Ukraine and the resulting harsh economic sanctions from the U.S. and Europe.

Between 9:50 a.m. and 2 p.m. Moscow time, the central bank will allow trading of 33 of 50 shares listed on the Moscow Exchange, The Wall Street Journal reported.

But the limited trading will likely look skewed, given that the central bank late last month announced a policy that stops securities from being sold by foreign investors, taking a significant number of traders out of the exchange. 

In the first half of 2021, close to half of the Moscow Exchange’s equities trading volume was made up by foreign investors, the Journal noted. 

Additionally, Russia’s National Wealth Fund has been ordered to purchase shares this year worth roughly $9.38 billion altogether.

The development comes as Russia nears four weeks since it began its invasion into Ukraine. Governments worldwide have hit the country with sanctions, primarily aimed at Russian President Vladimir Putin, Russia’s central bank, the Nord Stream 2 pipeline and various Russian imports, along with numerous officials and oligarchs linked to Putin.

Dozens of U.S. companies have also pulled out of Russia, further economically isolating Moscow. 

The Biden administration announced on Wednesday that it has determined that war crimes have been committed by Russia during its invasion. 

Tags Russia sanctions Stock market Vladimir Putin
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