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.

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.

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.

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 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.

Prices for RUBUAH Russian Ruble Ukrainian Hryvnia including live quotes, historical charts and news. RUBUAH Russian Ruble Ukrainian Hryvnia was last updated by Trading Economics this December 2 of 2025.

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.

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 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."}

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.

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

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.

Among the Russian companies included in the Forbes Global 2000 ranking from 2022, Gazprom had the largest market value, measured at ** billion U.S. dollars. Another energy company, Rosneft, ranked second with a value of ** billion U.S. dollars. Gazprom, the most valuable company in Russia Headquartered in Moscow, Gazprom is responsible for the exploration, production, storage, processing, and exportation of crude oil, natural gas, and gas condensate. The company owns around ** trillion cubic meters of proved and probable natural gas reserves in Russia. Furthermore, it accounts for over two-thirds of gas production domestically. In 2021, Gazprom’s net revenue peaked at ***** trillion Russian rubles, having increased by over ** percent from the previous year. However, fear of profit losses due to Western sanctions imposed on the entity after the Russia-Ukraine war made Gazprom suspend paying out dividends to its shareholders for the first time since 1998. Natural resources are crucial to Russian companies’ success With the largest natural resources value in the world, companies in Russia are highly dependent on commodities such as coal, natural gas, oil, gold, timber, and rare earth metals. Public energy giants Gazprom and Rosneft were the highest earning companies in Russia in 2020. Another energy company, Lukoil, reported the highest revenue of *** billion Russian rubles among private companies in that year. Despite demonstrating lower figures, non-energy companies such as banks and fast-moving consumer goods (FMCG) retailers also made it to the top 10 companies by revenue in Russia.

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 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.

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.

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.

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.

This statistic shows the stock price development of selected fertilizer companies from January 2, 2020 to April 12, 2024. After the Russian invasion of Ukraine in February 2022, prices of potash and other crop nutrients increased significantly since both Russia and Ukraine are among the most important suppliers of fertilizers. Fertilizer companies highly benefited from the increased prices, and saw significant growth in their share prices.

Common-Stock Time Series for Gr. Sarantis S.A.. Gr. Sarantis S.A., together with its subsidiaries, produces and trades in cosmetics, household products, and parapharmaceutical products. It operates through four segments: Mass Market Cosmetics, Household Products, Other Sales, and Private Label Products. The company provides personal care products, including baby care, baby wash, grooming, hair care, hair colorant, hair styling, hand wash, oral care, personal hygiene, shaving, skin care, and sun care products, as well as deodorants and fragrances; and home care products, such as dishwashing, drainer care, food packaging, insect control, and shoe care products, as well as bathroom cleaners, cleaning tools, septic tank activators, and garbage bags. It also offers health care products comprising food supplements, health and self-care products, and skin and sun care products; cosmetics, including candle, make up, treatment, and home and other fragrance products; and professional products, such as cleaning tools, detergents, and food and other packaging products. The company offers its products through hypermarkets, supermarkets, groceries, beauty shops, and pharmacies. It operates in Greece, Poland, Romania, Bulgaria, Serbia, the Czech Republic, Slovakia, Hungary, North Macedonia, Bosnia, Portugal, Ukraine, Russia, Cyprus, and France, as well as exports its products to approximately 50 countries in Europe, Asia, Africa, and Oceania. The company was founded in 1930 and is headquartered in Athens, Greece.