Russian Stocks Plunge to Lowest Level Since March 2023

June 22, 2026 The Moscow Exchange office. Alexander Avilov / Moskva News Agency Russian stocks tumbled more over 4% on Monday to hit their lowest level in more than three years, extending a 15-week decline after the Central Bank’s modest interest rate cut last week, which signaled that high borrowing costs will likely persist longer than investors expected. During the afternoon trading session, the benchmark MOEX index dipped below 2,368 points for the first time since March 2023. The index continued its slide later in the day, shedding 4.42% to around 2,313 points. Among the worst performers was the digital real estate marketplace Tsian, which saw its shares plunge more than 14%. Aeroflot was another major loser, dropping over 6% as flight operations face constant disruptions at airports due to Ukrainian drone attacks. The MOEX has been on a downward trajectory since March and has lost more than 14% of its value since the start of the year. The current 15-week losing streak has now surpassed the decline recorded during the 2008 global financial crisis. Domestic equities are facing pressure following the Russian Central Bank’s decision on Friday to cut its key rate by just 25 basis points, according to Igor Dodonov, deputy head of equity analysis at Finam Financial Group. “Combined with [Central Bank Governor] Elvira Nabiullina’s rather hawkish rhetoric, this points to a slower easing of monetary policy than investors had hoped for,” Dodonov said. Dodonov added that the financial market faces further headwinds from falling global oil prices, a strong ruble, heightened sanctions risks and geopolitical tensions stemming from the conflicts in Ukraine and the Middle East. “Under these conditions, traders are opting for caution and are in no hurry to buy the dip on heavily discounted shares, despite significant technical oversold conditions in the market,” he said. The ruble also lost ground against a basket of currencies, tracking lower alongside Brent crude oil prices, which slid to $77.63 per barrel following developments in the Middle East. Read more about: Stock Market , Finance Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more Russia Is Preparing New Tax Hikes. Here’s Why. As military spending soars, the Finance Ministry seeks to move away from the flat income tax that was long a cornerstone of Putin’s economic policy. 5 Min read Kyrgyzstan Says Suspended Mir Payment Cards Under Threat of Shutdown Kyrgyzstan's national payments operator previously said it would stop servicing Mir bank cards to "minimize the risk of secondary sanctions." 2 Min read Austria's Raiffeisen Bank Eyes Sale of Russian Operations Austrian banking group Raiffeisen on Thursday said it was considering a "sale or spin-off" of its Russia operations. 1 Min read Russian Stocks Seen Rising 25% by Mid-2020 The Russian stock market has outperformed many global rivals so far this year.