Overview
- The MOEX fell about 4.4% to roughly 2,313 points on Monday, June 22, its lowest level since March 2023 and the 15th straight week of losses.
- The Bank of Russia’s 25 basis-point rate cut last Friday and cautious comments from Governor Elvira Nabiullina left investors expecting slower monetary easing and higher borrowing costs for longer.
- Brent crude slipped toward $77.60 a barrel and the ruble weakened, reducing expected energy export revenue that underpins many Russian company valuations.
- Individual names with direct operational hits posted large declines, with Tsian down more than 14% and Aeroflot off over 6% after flight disruptions linked to Ukrainian drone strikes.
- Analysts say traders are reluctant to buy the dip despite oversold technical signals, which could extend the sell-off and weigh on corporate profits and state revenues tied to oil exports.