FX.co ★ MOEX Retreats from Recent Highs

The MOEX Russia Index has dropped below the 3,200 mark after hitting a nine-month peak in late February. This movement comes as traders keenly observe the progress of ceasefire talks between Russian and US representatives. Although Ukraine has consented to a 30-day ceasefire, President Putin remains firm in his stance against accepting all US proposals, emphasizing that any agreement must include a clause preventing Ukraine from rearming. Concurrently, President Trump has consented to fewer concessions from Putin in relation to the partial ceasefire between Russia and Ukraine, mirroring the US’s more conciliatory approach towards the Kremlin under the new administration. In spite of the recent decline, the MOEX remains around 9% higher for the year to date. Notably, shares of Sberbank are approaching levels seen before the onset of the Ukraine conflict. Furthermore, Polyus, Russia's largest gold producer, has experienced a significant rise in its stock value, climbing approximately 36% so far this year.