In the wake of Ryabkov’s statement, the MOEX Russia Index dropped by 4.05%, a record low since September 2022. <\/p>\n
Over the course of the day, shares in several major Russian companies recorded significant drops. As of 6:35 p.m. Moscow time, Gazprom<\/a> shares had fallen 4.1%, Sberbank 4.9%, VTB 4.7%, and Rosneft 2.5%. <\/p>\n Shares in the steel giant Severstal dropped 4.9% while shares in Aeroflot, Russia’s largest airline, fell by 5%. Rostelecom, Inter RAO, and Magnitogorsk Iron and Steel Works logged drops of over 5%. Shares in the mining company Mechel plummeted 6.7%.<\/p>\n The stock market plunge is the latest blow to the Russian economy, which has faced high inflation<\/a>, slowed growth<\/a>, and near-record interest rates<\/a> as the war against Ukraine drags on. International sanctions<\/a> continue to limit access to markets while Ukrainian strikes on Russian oil refineries<\/a> have exacerbated a gasoline crisis<\/a>. <\/p>\n Two months after the Trump-Putin Alaska summit, Moscow has made no tangible progress toward peace. <\/p>\n Trump has recently hardened his tone<\/a> on Russia, saying in September that Ukraine could win the war and reclaim all Russian-occupied territories lost since the invasion. Washington is also considering sending Tomahawk<\/a> cruise missiles with a range of up to 2,500 kilometers (1,550 miles) to Ukraine, which could allow strikes deep into Russian territory.<\/p>\n