Updated Mar 2, 2022 - World

Russia closes its stock market for third straight day

The Moscow Exchange building in Moscow on Feb. 24.
The Moscow Exchange building on Feb. 24. Photo: Andrey Rudakov/Bloomberg via Getty Images

Russia's central bank said the Moscow Exchange wouldn't open for stock trading through at least Thursday. The exchange has been closed since Monday.

Why it matters: It's the latest financial fallout of Russia's invasion of Ukraine, which triggered massive sanctions from several other countries that have sent the ruble plummeting to record lows against the dollar.

The big picture: Russia's central bank increased interest rates on Monday from 9.5% to 20% in response to the crashing ruble and to prevent a run on banks. It also resumed buying gold on the domestic market.

  • A series of other measures announced in response to the sanctions include requiring brokers to "suspend the execution of all orders by foreign legal entities and persons who want to sell off their Russian investments, such as stocks and shares."

What's next: The Bank of Russia said trading hours will be announced later this week.

Go deeper: The latest on the Russian invasion of Ukraine

Editor's note: This story has been updated to include that Russia's central bank closed the Moscow Exchange for a third day.

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