Updated · Center for European Policy Analysis · Jul 16
Russia's MOEX Index Falls for 17 Straight Weeks, Nearing 2022 Invasion Lows
Updated
Updated · Center for European Policy Analysis · Jul 16
Russia's MOEX Index Falls for 17 Straight Weeks, Nearing 2022 Invasion Lows
2 articles · Updated · Center for European Policy Analysis · Jul 16
Summary
Seventeen consecutive weekly declines have pushed Russia’s MOEX index to its longest losing streak since 1997, leaving it near the lows hit when Moscow invaded Ukraine in February 2022.
A smaller-than-expected rate cut last month triggered the latest leg down by signaling inflation, war spending and sanctions worries, while still-high deposit rates made bank savings more attractive than stocks.
Falling oil prices, a stronger ruble, refinery disruptions from Ukrainian strikes and Putin’s rejection of a meeting with Volodymyr Zelenskiy deepened the selloff by tying valuations even more tightly to geopolitics.
Private investors had poured a record 910 billion rubles into brokerage accounts in the first quarter, but weak profits and shrinking dividends have burned retail buyers as companies prioritize debt service and sanctions-driven investment costs.
That weakness is undermining Putin’s goal of lifting market capitalization to two-thirds of GDP by 2030, while channeling household savings into bank deposits that help finance government borrowing and the war.
With its stock market shattered, can Russia's economy ever escape its deep reliance on state funding and commodities?
Is Russia's market collapse a financial disaster or a hidden tax on citizens to fund the war?
MOEX Index in Crisis: Record-Breaking Decline Signals Deepening Russian Economic and Geopolitical Turmoil (July 2026)
Overview
The MOEX Index is facing a historic and record-breaking downturn as of July 2026, with a sharp daily drop to 2022 points highlighting the crisis in Russian assets. This decline is driven by ongoing geopolitical tensions and heavy economic pressure from the conflict in Ukraine. Investors are actively selling off Russian stocks, while traders remain cautious and avoid buying even discounted shares. The situation is made worse by Ukraine’s announced plans for sustained attacks on Russian assets, which adds to the uncertainty and accelerates the market’s fall. Together, these factors reveal a deep loss of confidence and a challenging outlook for Russia’s financial markets.