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Russian Market Take a Step Towards Normality as MOEX Resumes Operations

RUSSIA

FX/FI MARKETS

  • Russian markets took a step closer to normal operations yesterday with the MOEX stock index fully open, albeit with short-selling restrictions. The MOEX fell -2.15%, while the RTS $ Index was more measured at -0.79%.
  • USD/RUB BGN fell -6.60% yesterday to turn back below the 100 handle and make an intraday low of 94.27, despite softer oil markets and some countries pushing back against making gas payments in RUB.
  • Russia, however, is sticking to its guns and saying it will not provide gas without payment in RUB, which could create some additional energy market volatility.
  • Additionally, OPEC is expected to keep its plans for a modest rise in output in May unchanged
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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