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After a record-long stock trading halt that was instituted on the last day of February following the Russian invasion of Ukraine, and was meant to shield domestic investors from the impact of tough sanctions over Russia’s invasion of Ukraine, the central bank said that trading in Russian stocks will resume on Thursday, March 24 after nearly a month.
According to the BOR statement, the Moscow Exchange will resume trading in the 33 most liquid Russian equities, including some of the biggest companies such as Gazprom PJSC and Sberbank PJSC, on March 24 between 9:50 a.m. and 2 p.m. local time. A ban on short selling will apply, it said. Local stock trading has been halted from Feb. 28, marking the longest closure in the country’s modern history.
Even with the ban on short selling, local traders and strategists are bracing for a selloff, as international sanctions hit everything from Russia’s ability to access foreign reserves to the SWIFT bank-messaging system. The MOEX Russia Index slumped as much as 45%, the most on record, on the day the invasion started…
To read more visit Zero Hedge.
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