Moscow Stock Exchange opens lower on EU sanctions announcement

By Mucahithan Avcioglu

ISTANBUL (AA) - The Moscow Stock Exchange started Friday with losses after the EU announced a new sanctions package on Russia.

The MOEX fell 1.06% to below 2,732 points at open on the last trading day of the week, while the dollar-based RTS index fell 1.06% to below 1,101 points.

The Russian ruble, on the other hand, lost 0.64% to the euro, to stand at around 91.075 as of 0815GMT.

Brent crude oil also rose, climbing 0.2% per barrel to $69.05.

EU'S foreign policy chief Kaja Kallas introduced the new sanctions, writing on social media: "Nord Stream pipelines (imports) will be banned. A lower oil price cap. We are putting more pressure on Russia’s military industry, Chinese banks that enables sanctions evasion, and blocking tech exports used in drones.”

The package also targets 105 more vessels associated with Russia’s so-called shadow fleet and limits Russian banks’ access to international funding mechanisms, Kallas said.

"We’re cutting the Kremlin’s war budget further," she said, referring to the ongoing Russia-Ukraine war, which spurred most of the EU sanctions on Moscow.

Kallas also announced that the EU is designating, for the first time, a foreign flag registry and sanctioning the largest refinery in India owned by Russian firm Rosneft.