Since Russia recognized the independence of the two separatist republics located in eastern Ukraine (February 21, 2022) and launched its invasion of the country (February 24, 2022), the stock prices of major Russian companies plummeted. Russian bank Sberbank lost over 99 percent of its market value.

Russia's central bank, the Central Bank of Russia (CBR), acknowledged that the banking sector had lost liquidity and increased interest rates from 9.5 to 20 percent. In addition, the government introduced capital controls by ordering every private company to sell currency to the Bank of Russia and prohibited residents from making foreign transfers. Customers of sanctioned banks were prevented from using Apple Pay, Google Pay and, Samsung Pay. Sberbank, Russia's largest bank, is leaving the European market as a result of pressure from Western sanctions. On February 28, the European Central Bank reported that Sberbank Europe and its subsidiaries in Croatia and Slovenia were at risk of bankruptcy as a result of a deterioration in its liquidity. On March 2, the London Stock Exchange suspended trading in global depository receipts (GDRs) of several Russian companies, including Rosneft, Sberbank, Gazprom, En+, and Lukoil, with immediate effect.

Russia's main stock market index, the MOEX, fell to 2681 points on December 2, 2025, losing 0.20% from the previous session. Over the past month, the index has climbed 4.30% and is up 5.58% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks this benchmark index from Russia. Russia Stock Market Index MOEX CFD - values, historical data, forecasts and news - updated on December of 2025.

The European Union and the U.S. sanctions have led to a decline in the market value of the largest Russian companies on global stock markets. For example, on February 28, 2022, Sberbank Russia lost more than 67 percent on the Multi Commodity Exchange of India, and Yandex on the New York Stock Exchange lost more than 59 percent of its market value.

Russia's central bank, the Central Bank of Russia (CBR), acknowledged that the banking sector had lost liquidity and increased interest rates from 9.5 to 20 percent. In addition, the government introduced capital controls by ordering every private company to sell currency to the Bank of Russia and prohibited residents from making foreign transfers.

We provide data and code to replicate the results presented in "ESG Performance and Stock Market Responses to Geopolitical Turmoil: evidence from the Russia-Ukraine War" (Boccaletti, Maranzano, Morelli & Ossola, 2025). The subfolders allow replicating the following: 1. Folder "Event Study - Synthetic" replicates the event study from Section 4 2. Folder "Regressions replication - Table 5 and Table 6" replicates the regression analysis from Section 5. For each subfolder a README file is provided. It contains information about the reproduction steps.

• VERSION 4 UPDATES * Compared to Version 3, Version 4 of the folder includes more detailed descriptions of the README files and methodological steps. Additionally, it includes the event study's aggregate results.

The MOEX index, the most prominent ruble-denominated index of stocks listed on the Moscow Stock Exchange, fell by nearly one third of its value between February 13 and February 20, 2022, following the Russian invasion of Ukraine. It has since fluctuated significantly and stood at ******* as of January 26, 2025. The MOEX index is considered the primary index for domestic investors in Russia. It contains the same components as the RTS index, however the latter is denominated in U.S. dollars and therefore preferred by many international investors.

A successful energy transition requires the reallocation of private capital away from fossil fuel assets to greener alternatives. This transition is typically hindered by investors' focus on today's returns. In times of crisis, however, credible and unambiguous political signals about the future profitability of green industries can steer investments towards low-carbon assets. Drawing on European Union interventions during the onset of the Russian invasion of Ukraine, we present an event study of daily stock market returns following the most salient policy announcements by the European Commission in 2022. Our analysis shows that markets for shares of EU-based energy firms were initially prepared to move capital to cleaner companies, suggesting support for the clean energy transition. However, the short-lived distributional effects materialized only for announcements that could unmistakably be understood as unwavering commitments to the EU's green renewal, while more ambiguous announcements did not have the same distributional implications. Our findings emphasize that repeated and unambiguous political signals during crisis episodes can create favorable market conditions, at least in the short-term, to support capital reallocation towards greener stocks.

{"The file dataset.xlsx contains structured financial time series data prepared for an event study analysis (ESA) examining market reactions to the onset of the Russia–Ukraine war. The dataset encompasses observations from a diversified selection of asset classes, including: (i) safe-haven assets (gold, silver, platinum, Bitcoin), (ii) energy commodities (Brent crude oil, WTI crude oil, natural gas, coal, EU Emissions Trading System (ETS) allowances), (iii) energy equities (68 stocks from the S&P 1500 classified under the Energy sector), (iv) the S&P 500 index, and (v) energy-related cryptocurrencies (Electrify.Asia, Energy Web Token, Grid+, Power Ledger, SunContract, Efforce, and WePower). For abnormal return estimation, each asset group is matched with an appropriate benchmark index in accordance with ESA methodology: the Dow Jones Precious Metals Index (for gold, silver, and platinum), the CMC Crypto 200 Index (for Bitcoin and energy-related cryptocurrencies), the S&P GSCI Index (for energy commodities), the S&P 500 Index (for energy equities), and the MSCI All Country World Index (ACWI) for the general market. Event date is set to February 24, 2022, marking the outbreak of the full-scale military invasion of Ukraine by the Russian Federation. The estimation window comprises 252 daily price observations ending on December 31, 2021 (inclusive). The event window extends from t = –30 to t = +30 relative to the event date. The dataset is formatted to facilitate empirical testing of market efficiency, price sensitivity to geopolitical shocks, and asset class-specific abnormal return dynamics."}

Russia-Ukraine war R-Vine copula tree1 estimate results.

Due to the Russian invasion of Ukraine that started on *****************, several international companies announced suspending their operations in Russia. One of them was the Spanish fashion retailer Inditex. The Russian market accounted for *** percent of the company's global EBIT (earnings before interest and tax) in 2020. Furthermore, sales in Russia were estimated to occupy nearly *** percent of Apple's total revenue in 2020.

In recent years, the international community has witnessed many crisis events, and the Russia-Ukraine war, which broke out on 24th February 2022, has increased international policy uncertainty and impacted the current world commodity and financial markets. Thus, we try to capture how the Russia-Ukraine war has affected the correlation structure of international commodity and stock markets. We study six groups of commodity daily returns and one group of stock daily returns and select the sample from 24th February 2022 to 1st June 2022 as the sample during the Russia-Ukraine war; in addition, we select the sample from 1st December 2019 to 31st December 2020 as the sample during COVID-19 control group, and the sample from 1st January 2014 to 31st December 2017 as the non-extreme event control group, to explore the correlation structure of international commodity and stock markets before the war, and to compare and uncover the impact of the uncertain event of the Russia-Ukraine war on the commodity and stock markets. In this paper, the marginal density function of each series is constructed using the ARMA-GARCH-std method, and the R-Vine copula model is built based on the marginal density function to analyze the correlation relationship between each market. From the Tree1 of the Vine copula, it is found that crude oil becomes the core connecting each commodity market and the stock market during the Russia-Ukraine war. The price fluctuations of crude oil may be contagious to agricultural and precious metal markets in the same direction, while the stock market price fluctuations are inversely correlated with commodity markets. Comparison with the selected control group sample reveals that the Russia-Ukraine war increases the correlation between the markets and enhances the possibility of risk transmission. The core of the correlation structure shifts from agricultural commodities and precious metals to crude oil after the Russia-Ukraine war.

The data set contains material to replicate: Beck K, Stanek P (2019) Globalization or regionalization of stock markets? The case of Central and Eastern European Countries. Eastern European Economics, 57(4), 317-330. doi: https://doi.org/10.1080/00128775.2019.1610895 The data comprises stock market returns time series at weekly frequency between January 2000 and December 2018 on 44 stock price indices grouped into 11 sets corresponding to (1) East Asian and Australian developed markets, (2) “Chinese” markets (including Taiwan and Hong Kong), (3) “core” euro area, (4) “peripheral” euro area, (5) developed European markets outside the euro area, (6) V-4 countries, (7) “frontier” European markets (Russia, Turkey, Ukraine), (8) Baltic countries, (9) Latin American markets, (10) North American markets and (11) emerging South-East Asian countries. Data were retrieved from stooq.com and in case of some missing points, for example, due to Chinese New Year celebrations, log-linear interpolation was applied.

Sharp economic volatility, the continued effects of high interest rates and mixed sentiment among investors created an uneven landscape for stock and commodity exchanges. While trading volumes soared in 2020 due to the pandemic and favorable financial conditions, such as zero percent interest rates from the Federal Reserve, the continued effects of high inflation in 2022 and 2023 resulted in a hawkish pivot on interest rates, which curtailed ROIs across major equity markets. Geopolitical volatility amid the Ukraine-Russia and Israel-Hamas wars further exacerbated trade volatility, as many investors pivoted away from traditional equity markets into derivative markets, such as options and futures to better hedge on their investment. Nonetheless, the continued digitalization of trading markets bolstered exchanges, as they were able to facilitate improved client service and stronger market insights for interested investors. Revenue grew an annualized 0.1% to an estimated $20.9 billion over the past five years, including an estimated 1.9% boost in 2025. A core development for exchanges has been the growth of derivative trades, which has facilitated a significant market niche for investors. Heightened options trading and growing attraction to agricultural commodities strengthened service diversification among exchanges. Major companies, such as CME Group Inc., introduced new tradeable food commodities for investors in 2024, further diversifying how clients engage in trades. These trends, coupled with strengthened corporate profit growth, bolstered exchanges’ profit. Despite current uncertainty with interest rates and the pervasive fear over a future recession, the industry is expected to do well during the outlook period. Strong economic conditions will reduce investor uncertainty and increase corporate profit, uplifting investment into the stock market and boosting revenue. Greater levels of research and development will expand the scope of stocks offered because new companies will spring up via IPOs, benefiting exchange demand. Nonetheless, continued threat from substitutes such as electronic communication networks (ECNs) will curtail larger growth, as better technology will enable investors to start trading independently, but effective use of electronic platforms by incumbent exchange giants such as NASDAQ Inc. can help stem this decline by offering faster processing via electronic trade floors and prioritizing client support. Overall, revenue is expected to grow an annualized 3.5% to an estimated $24.8 billion through the end of 2031.

This paper uses the GJRSK model to estimate the high-order moments of energy (oil, natural gas, and coal), the carbon market, and tourism stocks. Then, it utilizes a novel TVP-VAR time-frequency connectedness approach to examine higher-order moments spillovers among them. The results show a strong connectedness among the three markets. The energy market is the emitter of volatility, skewness and kurtosis spillovers; tourism stock is the receiver; and the carbon market is the transmitter. From a time-domain perspective, the higher-order moments spillovers of the three markets are time-varying, especially during extreme periods, where the energy market’s spillover effects on tourism stocks are significantly enhanced, indicating that tourism stocks bear a greater risk at leptokurtosis and fat-tail moment. From a frequency-domain perspective, the long-term asymmetric spillovers of oil, natural gas, and tourism markets on the carbon market are more pronounced than the short-term. Moreover, the COVID-19 pandemic exacerbated the higher-moment spillovers of energy and tourism stocks on the carbon market. Meanwhile, the Russia-Ukraine conflict led to extreme risk transmission within the energy market. These findings have significant implications for cross-industry investors and green finance risk management.

The closure of Ukrainian airspace on *****************, in response to the Russian invasion has greatly impacted the aviation sector. Ryanair, which has a ** percent market share in Ukraine, has cancelled all flights for the foreseeable future. Ukraine’s aviation sector Ukraine has a small aviation market, accounting for only *** percent of the European passenger traffic and just under one percent of the global traffic in 2021. The country’s flag carrier is Ukraine International Airlines, which is based in Kyiv. The airline posted a profit loss in 2020 due to reduced operations during the coronavirus pandemic but managed to almost double its passenger traffic in 2021 to *** million. As of *************, some ** aircraft were stored at airports around the country, including the largest cargo airplane Antonov AN-225 Mriya, which was destroyed during the Battle of Antonov Airport on February 24, 2022.

Impact on European air traffic

To sanction Russia’s invasion, ** countries worldwide have closed their airspace to Russian airlines. In response, the Russian Federation banned airlines from ** countries, along with all ** members of the European Union. In Europe, airlines already cancelled flights to Russia, with Germany reporting the highest cancellation rate. The airspace closure has forced airlines to find alternative routes, which will make travel routes longer, more fuel intensive, and will increase their operating costs.

The USD/RUB exchange rate fell to 77.1688 on December 2, 2025, down 0.72% from the previous session. Over the past month, the Russian Ruble has strengthened 4.39%, and is up by 26.50% over the last 12 months. Russian Ruble - values, historical data, forecasts and news - updated on December of 2025.

This paper uses the GJRSK model to estimate the high-order moments of energy (oil, natural gas, and coal), the carbon market, and tourism stocks. Then, it utilizes a novel TVP-VAR time-frequency connectedness approach to examine higher-order moments spillovers among them. The results show a strong connectedness among the three markets. The energy market is the emitter of volatility, skewness and kurtosis spillovers; tourism stock is the receiver; and the carbon market is the transmitter. From a time-domain perspective, the higher-order moments spillovers of the three markets are time-varying, especially during extreme periods, where the energy market’s spillover effects on tourism stocks are significantly enhanced, indicating that tourism stocks bear a greater risk at leptokurtosis and fat-tail moment. From a frequency-domain perspective, the long-term asymmetric spillovers of oil, natural gas, and tourism markets on the carbon market are more pronounced than the short-term. Moreover, the COVID-19 pandemic exacerbated the higher-moment spillovers of energy and tourism stocks on the carbon market. Meanwhile, the Russia-Ukraine conflict led to extreme risk transmission within the energy market. These findings have significant implications for cross-industry investors and green finance risk management.

The size of the Russian Used Cars Industry market was valued at USD XX Million in 2024 and is projected to reach USD XXX Million by 2033, with an expected CAGR of 6.00% during the forecast period. Recent developments include: In March 2022, Inchcape announced that it is pulling out of the Russian market as a result of the ongoing conflict in Ukraine. The company stated that in light of the current circumstances, they have concluded that the Group's ownership of its business interests in Russia is no longer tenable., In December 2021, Russia's largest car dealer Rolf has been sold to rival KlyuchAvto for an undisclosed amount. The announcement states that Alfa Bank will finance the deal. Unnamed sources value the deal at USD 400 million - USD 500 million, which is at least three times less than Petrov had initially planned to cash in from selling the company.. Key drivers for this market are: Increasing Adoption of 2-wheelers across the Globe. Potential restraints include: Rise in demand of Electric Vehicles. Notable trends are: Hatchback and Sedan Used Car Sales to Witness Surge During Forecast Period.

The Russia Oilfield Services Market,size was valued at USD 17.85 USD Billion in 2023 and is projected to reach USD 25.79 USD Billion by 2032, exhibiting a CAGR of 5.4 % during the forecast period. Key drivers for this market are: Growing Focus on Safety and Organization to Fuel Market Growth. Potential restraints include: Sanctions Against Russia Due to the Ongoing Russia-Ukraine War to Hamper Market Growth . Notable trends are: Growth of IT Infrastructure to Bolster the Demand for Modern Cable Tray Management Solutions.

This statistic shows the stock prices of selected food commodities from January 2, 2020 to February 6, 2025. After the Russian invasion of Ukraine in February 2022, wheat prices increased significantly since both Russia and Ukraine are the key suppliers of the product. With the beginning of 2023, prices of selected food commodities started to decrease, but still stood higher than early-2020 levels.

In recent years, the international community has witnessed many crisis events, and the Russia-Ukraine war, which broke out on 24th February 2022, has increased international policy uncertainty and impacted the current world commodity and financial markets. Thus, we try to capture how the Russia-Ukraine war has affected the correlation structure of international commodity and stock markets. We study six groups of commodity daily returns and one group of stock daily returns and select the sample from 24th February 2022 to 1st June 2022 as the sample during the Russia-Ukraine war; in addition, we select the sample from 1st December 2019 to 31st December 2020 as the sample during COVID-19 control group, and the sample from 1st January 2014 to 31st December 2017 as the non-extreme event control group, to explore the correlation structure of international commodity and stock markets before the war, and to compare and uncover the impact of the uncertain event of the Russia-Ukraine war on the commodity and stock markets. In this paper, the marginal density function of each series is constructed using the ARMA-GARCH-std method, and the R-Vine copula model is built based on the marginal density function to analyze the correlation relationship between each market. From the Tree1 of the Vine copula, it is found that crude oil becomes the core connecting each commodity market and the stock market during the Russia-Ukraine war. The price fluctuations of crude oil may be contagious to agricultural and precious metal markets in the same direction, while the stock market price fluctuations are inversely correlated with commodity markets. Comparison with the selected control group sample reveals that the Russia-Ukraine war increases the correlation between the markets and enhances the possibility of risk transmission. The core of the correlation structure shifts from agricultural commodities and precious metals to crude oil after the Russia-Ukraine war.