Russian stock market closed till Wednesday

Russian Stock Market Closed Till Wednesday

The Moscow Exchange’s stock trading hasn’t operated since Feb 25. When markets do reopen, investors anticipate a strong selloff due to the war with Ukraine and punishing Western sanctions. Stocks of many Russian companies traded in London and New York fell to pennies a share before trading was discontinued on those venues.

Governments often close stock markets in crisis and war to control the panic. It provides officials time to shore up other parts of the financial system. The New York Stock Exchange closed for four days behind the Sept 11, 2001, attacks.

Reopening of The Currency Market

Russia’s currency market will open at 10 a.m. Moscow time, the central bank stated. Money markets, which trade in short-term loans between banks and other financial institutions, and the repo market, will furthermore be open.

This year, the Russian ruble has failed 40% of its value versus the dollar; it slid more this week in trading outside Russia. Transacting in the ruble has gotten complex, though, traders state, as Russia has imposed capital controls designed to make it harder to sell. Western banks, wrestling with sanctions, no longer want to settle trades in the Russian currency.

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