Russia’s stock market surged Thursday after U.S. President Donald Trump announced he and President Vladimir Putin agreed to begin ceasefire negotiations for the war in Ukraine. The Moscow Exchange (MOEX) jumped more than 6% to 3,210 points by noon Moscow time. The dollar-denominated RTS Index climbed over 6% to 1,080.
Shares of major Russian companies rose more than 8%. These included Novatek, Gazprom, Rostelecom, and Aeroflot. The ruble also strengthened, gaining 3.72% against the U.S. dollar to 90.5 rubles per dollar.
It gained 3.64% against the euro to 94.04 rubles per euro. Global oil prices dipped despite the market rally. Brent crude, a key benchmark for Russian exports, fell about 1% to $74 per barrel.
russian stock market gains
WTI crude dropped 1% to $70.50. U.S. and European stock futures rose on optimism over a potential peace settlement for the war in Ukraine.
“Investors dreamed about this scenario but did not really believe it was possible,” Cifa Broker chief analyst Ovanes Oganisyan told the business newspaper Kommersant. The newspaper reported that the MOEX market capitalization reached 7.05 trillion rubles ($77.8 billion) after adding 500 billion rubles in value Thursday morning. In other news, Moldova summoned the Russian ambassador after drones exploded on its territory.
Moscow returned eight Ukrainian children with Qatari mediation. The Kremlin stated that the Trump-Putin meeting should be organized promptly. In a domestic accident, two workers were killed at a Russian potash mine.
Russian holidaymakers are returning to Europe as demand for trips abroad surges. This signals a resumption of pre-pandemic travel patterns.
