Russia’s stock market jumped nearly 3% on Tuesday after reports emerged that the United States is drafting a plan to ease sanctions.
As of 2:30 p.m. Moscow time, the Moscow Exchange (MOEX) climbed 2.89% to 3,236 points, while the dollar-denominated RTS Index also rose by 2.89% to 1,142. Leading the rally were shares of car leasing firm Evroplan, tech giants Yandex and VK, and power generation company Unipro, all gaining over 3%.
The ruble saw modest gains of less than 1% against both the U.S. dollar, which traded at 89.3 rubles, and the euro at 93.9 rubles.
The market had dipped on Monday to 3,128 following a tense exchange between U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky at the White House. However, stocks rebounded after Reuters reported that the White House had instructed the U.S. State and Treasury departments to draft a list of Russian entities and individuals, including some oligarchs, for potential sanctions relief.
The report suggested that U.S. officials might use this list to negotiate with Russia on diplomatic and economic matters. It remains unclear what concessions the U.S. may seek in return.
The Kremlin responded on Tuesday, emphasizing that lifting sanctions is essential for restoring U.S.-Russia relations. “Of course, if we’re talking about normalizing bilateral relations, these relations must be free of the negative burden of sanctions,” Kremlin spokesman Dmitry Peskov stated.
