Russia’s stock market will claw back some of the heavy losses sustained this year in 2023, according to a Reuters poll of 12 market experts, with sanctions, geopolitical tension and an embargo on Russian oil set to hamper a significant recovery.
“The Russian market is continuing to adapt to the sanctions environment, but at the same time the scale of potential new restrictions from Western countries already looks limited,” said Veles Capital analyst Elena Kozhukhova. “As a result, Russian companies are likely to stabilise in the coming months.”
Geopolitical developments hold sway over the market, but while uncertainty shrouds the outlook concerning the conflict in Ukraine, investors will soon have more clarity on the likely impact of an upcoming oil embargo and price cap.
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