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Drawbacks of centralization: Moscow Stock Exchange remains offline amid ongoing Russo-Ukrainian war

Published 03/02/2022, 04:15 PM
Updated 03/02/2022, 07:40 PM

As reported by local news outlet TASS, the Central Bank of Russia once again suspended trading on the nation’s leading Moscow Stock Exchange (MOEX) on Wednesday, and it will not open the exchange on Thursday. Trading on MOEX has been halted since Feb. 25, after Russia launched its ongoing military campaign in Ukraine. On a monthly basis, the exchange’s index has lost over 34% of its value (not adjusted for inflation), as Western leaders have imposed crippling sanctions on Russia in response to the conflict.

In addition, MOEX’s main website has been offline since Monday, with Ukraine’s “IT army” allegedly taking credit for the “hack.” Meanwhile, Russia’s Saint Petersburg Stock Exchange (SPB) also remains closed but will open for limited trading on Thursday. In the meantime, the Dow Jones Russia GDR Index, which tracks the value of Russian stocks listed on the London Stock Exchange, has lost 93% of its value in the last five trading days, implying disastrous losses ahead when Russian markets open.

Russian equity index of the 1900s. Source: SNB & CHF (Author’s note: The “spike” in 1917 resulted from hyperinflation during the Russian Revolution, with stock prices “going up” simply due to the printing of large-denomination ruble notes, in part to fund military expenditures. Meanwhile, their “real” value as compared to foreign currencies, plunged.)

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