The threat by American President Donald Trump to reintroduce sanctions against Russian oil, temporarily suspended during the war between Israel and Iran, has pushed the Russian stock market towards new lows.
The MOEX index ended Tuesday’s session down by 2.05% — the second largest decline this year. During the transactions, the index dropped to 2,475 points, the lowest level since October 27 last year.
“The market started the day with a slight increase, but in the second half of the session it failed to maintain it and switched to a sharp decline. At the G7 summit in France, President Trump toughened his rhetoric towards Russia and admitted the possibility of canceling exceptions from sanctions for the largest Russian oil companies,” stated Natalia Milceakova, an analyst at Freedom Finance.
For the first time in nearly eight months, the Russian stock index closed the day below the threshold of 2,500 points.
The greatest losses were recorded by the oil companies. The shares of Rosneft fell by 5.5%, those of Lukoil by 5.3%, and those of Surgutneftegaz by 3.1%.
The shares of Gazprom Neft depreciated by 3.3%, after the company was forced to shut down its Moscow refinery following a drone attack.
The largest decline was recorded by Tatneft, whose shares plummeted by 7.2%, after drone attacks affected the activity of the Taneco refinery, the company’s largest.
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