The MOEX Index gained 24% this year — a stunning reversal from 2022 when on February 24, 2022, after Russia invaded Ukraine, wiping out as much as $259 billion in market value. The MOEX Index slumped 42% in 2022.
While the MOEX Index has been choppy in the past year, prices started climbing decisively from mid-March, partly helped by a rise in the— which in turn made ruble-denominated investments more attractive. The dollar has gained 9% against the ruble so far this year. Despite the surge in the MOEX index, trading volumes in its equities market fell 41% from a year ago amid sanctions. The index is unlikely to touch its all-time high of nearly 4,300 in October 2021 as foreign investors are shut out of the market, Sofya Donets, the chief Russia economist at Renaissance Capital, a Moscow investment bank, told the FT.
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