Moscow Stock Exchange set to resume trading after three weeks of closure amid war

After weeks of closure, the Moscow Stock Exchange is now set to resume trading on Monday. The exchange was earlier closed temporarily on February 25 after Russian President Vladimir Putin announced the country’s invasion of Ukraine. Trading remained shut after Russian Ruble and the stock market fell below the Exchange's predetermined limitations and thus forcing a closure.

The Russian stock exchange will now reopen after being halted for nearly three weeks, as reported by Spectator INDEX. The Russian economy is facing a major fall due to the ongoing war and its implications including the sanctions imposed on the country by the world. The Russian government has attempted to stabilize the market situation by taking measures like injecting up to $10 billion from its sovereign wealth fund into local stocks. However, such moves fail to reverse the economic decline as the impact of the war has been heavy on the country’s financial side.

Earlier the market had shut after the Russian Ruble fell to a "historic low" against the dollar. Many financial experts had warned that the country was facing an economic recession. Notably, the Russia Ukraine war has affected all major markets in the world including the Indian stock exchanges, which took a steep fall after Putin’s announcement of the attack.

US House revokes 'normal trade ties' with Russia 

Amid escalations in the ongoing Russia Ukraine war, the US House of Representatives passed a bill on Thursday to suspend normal trade relations with Russia and its neighbours Belarus. With the bill, the US lawmakers expect to further weaken the economic status of Moscow following its invasion of Ukraine. The House voted overwhelmingly in support of the bill, which will see President Joe Biden enact higher tariffs on more products and further weaken the Russian economy.

The final vote stood at 424-8 with strong bipartisan support for the legislation. The bill to suspend normal trade relations with Russia and Belarus comes only a day after Ukrainian President Volodymyr Zelensky made an emotional appeal to Congress as his country is being invaded. The United States, earlier on February 28, had cut off the Russian Central Bank and sanctioned a state investment fund, in retaliation for Ukraine's invasion.

Image: AP