Russia’s central bank announced on Saturday that it would allow all Russian stocks to be fully traded on the Moscow Stock Exchange from March 28 after limited activity for almost a month.
The state-run RIA news agency reported that the central bank had decided to trade Russian shares, corporate bonds and regional and municipal bonds. The transactions will take place between 9:30 a.m. and 2 p.m. Moscow time.
RUSSIA INVASES UKRAINE: LIVE UPDATES
Foreign exchange and bond trading will take place during a longer period, starting at 9:30 am. until 7 p.m. Moscow time.
A sign with the logo is displayed outside the office of the Moscow Stock Exchange in the capital of Moscow, Russia, March 24, 2022. | Reuters photos
The Central Bank initially suspended trading on February 25 as multiple foreign sanctions took effect. Foreign shareholders are still unable to sell shares as a Russian countermeasure to Western sanctions against its financial system.
CANTLOW: PUTIN IS A WAR CRIMINAL, MURDERER AND FRAUD
Restricted trading resumed last week for 33 of the 50 companies, including state-owned gas company Gazprom and oil company Rosneft.
The opening of the shares on the Moscow Stock Exchange has little impact on investors outside Russia. Its capitalization is a fraction of that of the large Western or Asian markets.
Hundreds of American, European and Japanese companies have left Russia.
APPLEBEE MANAGER SAID TO USE GAS PRICES AND INFLATION AT LOWER REMUNERATIONS: REPORT
Russia has seen banks panic and buy sugar and other commodities as the exchange rate of the Russian ruble has fallen.
The ruble has recovered part of its lost value, with $ 1 equal to about 102 RUB. The exchange rate before the invasion saw $ 1 equal to about 83.53 RUB, with the peak being around 139 RUB.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Russia also faced the risk of public bankruptcy, but avoided this particular obstacle by paying off a debt of about $ 117 million. Credit rating agency Moody’s earlier this month put Russia on the second-lowest credit rating, just above the default.
Ken Martin of FOX Business and the Associated Press contributed to this report.
