A better day for Russia? Its stock market sure thinks so. The Moscow Stock Index has doubled in value in five years thanks to a stable ruble and a slowly improving economy.The Moscow Stock Exchange continues to break records despite sanctions on its most important companies, including banking giant Sberbank and the world’s largest natural gas exporter, Gazprom.
Some U.S. Senators, including Russian hawk Marco Rubio, said that sanctions fatigue has set in. Earlier this year, investors were thinking the Senate would hit Russia with tougher sanctions, including bans on owning Russian sovereign bonds, a step many on Wall Street felt was one step too far. photo credit: GettySanctions have largely served to shut Russia’s leading banks out of the bond market, making it impossible for them to capture low-interest rate loans in euros and dollars.
Still, not only the oil sector is gaining in Russia. Yandex, the country’s biggest tech company, is up 38.2% in dollars. Mobile TeleSystems is up over 15%, which doesn’t look like much, but it’s better than the MSCI Emerging Markets Index. The VanEck Russia exchange-traded fund is the second-best BRIC ETF, trailing the iShares MSCI China fund. Russia is the second-best emerging market this year.
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