The Russian Moscow Exchange (MOEX) rose 71.94 points today for a 2.72% increase to 2,714 points after US President Donald Trump announced a 50-day pause before more tariffs against Russia.
The MOEX was at 2,713 points on Feb. 1, 2022, days before Russia’s full-scale invasion of Ukraine, and has nearly reached its pre-war average.
The MOEX surged again to over 3,200 points earlier this year, on hopes that Trump would find a deal to end the war in Ukraine and provide sanctions relief.
“Trump performed below market expectations,” analyst Artyom Nikolayev from Invest Era told Yahoo News.
“He gave 50 days during which the Russian leadership can come up with something and extend the negotiation track. Moreover, Trump likes to postpone and extend such deadlines.”
The Russian ruble also gained ground, reversing losses against the US dollar according to Reuters, at 78.10 to the US dollar. The ruble has rebounded this year nearly 32% from 113.51 to the US dollar on Dec. 31, 2024, to 71.10 to the dollar today.
The rise in the ruble is likely due to uncertainty over US sanctions relief for Russian energy exports and Russia’s trade surplus, fueled by demand for Russian oil from India and China.
Still, there are major warnings for Russia’s economy, which is predicted to enter a recession soon, despite unexpected growth in recent years due to wartime economic mobilization.
The scale of actual trade between the US and Russia is minimal today. According to US Census data, the US imported $2.7 billion of goods from Russia in May of 2021, before the full-scale invasion.
But in May of 2025, the US imported only $539.6 million worth of goods from Russia, a drop of 81% in imports since the full-scale invasion.
Secondary tariffs, like those proposed in a bill authored by Senator Lindsey Graham (R- SC) and Richard Blumenthal (D-CT), could have effects on Russia’s largest trading partners, including China, India, and Turkey.