MOSCOW, March 7, 2026, 11:17 MSK
The MOEX Russia Index, priced in roubles, climbed roughly 2% to finish at 2,854.11 on Friday, wrapping up the trading week from March 2 to 6. But the RTS, which is calculated in dollars, edged down by about 0.5% for the period, according to market data.
This time, it’s crude that’s pushing things around—not earnings. Brent jumped to $92.69 a barrel by Friday’s close, soaring 27% for the week. That’s the steepest weekly climb since spring 2020. The catalyst: conflict involving Iran that choked off traffic through the Strait of Hormuz, the key Gulf oil corridor. “Every day the Strait stays closed, prices will go higher,” UBS analyst Giovanni Staunovo told Reuters.
This shift resonates outside the trading pits: Moscow Exchange reported that by the end of 2025, close to 41 million individuals held brokerage accounts. The exchange put the total market cap of listed stocks at 52.9 trillion roubles. For February, equity turnover clocked in at 2.4 trillion roubles—daily averages hitting 91.4 billion roubles.
Russian exporters saw prices move sharply higher. According to Reuters, Urals crude loading out of Primorsk jumped to $68.6 a barrel, well above last week’s $45.7. Igor Yushkov at the government-run Financial University said the Hormuz situation was setting up “favourable conditions” for Russia’s energy revenues. Reuters
Energy and shipping stocks took the lead by Friday’s close, with Sovcomflot up 7.8%, Rosneft gaining 4.9%, Lukoil climbing 3.9%, and Novatek advancing 3.3%, according to Interfax. The agency also noted the Central Bank fixed the official dollar rate for March 7 at 79.15 roubles—a jump of 1.88 roubles over the week. That uptick in the dollar partly accounts for why the RTS underperformed the rouble-based benchmark.
Commodity buying spilled over to fertilizer stocks as well. Fertilizer makers Acron and PhosAgro jumped 3% and 4% on MOEX since Feb. 28, according to Reuters, with traders factoring in the risk of tighter global supply after shutdowns in the Middle East and shipping snags in Hormuz.
The exchange rolled out index tweaks with real implications for some stocks. MOEX announced that Lenta’s ordinary shares are set to be added to the MOEX Russia and RTS indices beginning March 20. PIK’s ordinary shares, on the other hand, are being weighed for removal. That kind of move can push funds and investors, especially those tracking the benchmarks, to adjust their holdings.
The oil-fueled rally this week still looks shaky. Reuters said Novorossiysk—one of the Black Sea’s main oil ports—only restarted shipments on Friday after drone attacks forced a halt earlier in the week. Meanwhile, Moscow’s city government announced its first investment spending cut since the pandemic, highlighting mounting economic strain. If shipping is hit again or oil prices slip, key support for the market could vanish.
Local strategists aren’t calling a top yet. Bogdan Zvarich, who leads banking and financial-market analysis at PSB, keeps the focus on that 2,800-2,900 band for now. He points to oil and gas, base metals, and fertilizer names as the sectors catching his eye in the near term.
Oil is front and center next week. Goldman Sachs warned Friday that crude could push past $100 a barrel if Hormuz supply issues drag on—potentially a tailwind for Moscow shares, but it leaves room for a sudden pullback too.
