September 29, 2022

Russian stocks have sharply strengthened after the recognition of the independence of the Luhansk and the Donetsk 

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Following Putin’s signing of paperwork recognizing the LPR and DPR’s independence, there was a strong comeback.

Russian blue chips rose sharply when Russia recognized the self-proclaimed Donetsk and Luhansk People’s Republics as independent from Ukraine. Russian President Vladimir Putin made the necessary choice and revealed it in a speech to the Russian people.

Sberbank’s ordinary shares have risen 15.53 percent from the day’s lows to 213.4, Gazprom’s by 14 percent to 274.99, and Rosneft’s by 14 percent to 459.

The IMOEX2 index, which captures the dynamism of both the main and supplementary sessions, increased by 9% to 3,000 points from its lows. Throughout the trading day, the Russian market was under pressure. The IMOEX2 index was down 18.77 percent at its lowest point. This is the biggest loss in a single day since October 2008. Furthermore, the trading session began with a 1.5 percent increase, owing to Joe Biden’s willingness to meet with Vladimir Putin if Ukraine is not invaded.

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