Russian Stocks Plunge to Lowest Level Since March 2023

Russian stocks tumbled 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 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.