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		</div><p>The Russian stock market has resumed limited trading under heavy restrictions almost a month after prices plunged and the market was shut down following the Kremlin’s invasion of Ukraine.</p>
<p>Trading of a limited number of stocks, including in energy giants Gazprom and Rosneft, took place under curbs meant to prevent a repeat of the massive sell-off that took place on February 24 in anticipation of western economic sanctions.</p>
<p>Foreigners cannot sell and traders are barred from short selling or betting prices will fall.</p>
<p>The benchmark Moex index gained 8% in the first minutes of trading.</p>
<p>The reopening of stock trading on the Moscow Exchange has little impact on investors outside Russia.</p>
<p>Its market capitalisation is a fraction of that of major western or Asian markets.</p>
<p>Foreign investment managers lost one reason to buy Russian stocks after MSCI declared the market to be “uninvestable” following the invasion and removed it from global indexes.</p>
<p>Hundreds of US, European and Japanese companies have pulled out of Russia.</p>
<p>There have been bank runs and panic buying of sugar and other staples. The exchange rate of Russia’s rouble has tumbled.</p>
<p>Foreigners are barred from selling shares under rules imposed to counter western sanctions against Russia’s weakening financial system and currency.</p>
<p>Trading will be allowed in 33 of the 50 companies that are part of Moex, also including air carrier Aeroflot, according to a central bank announcement.</p>
<p>Stocks last traded in Moscow on February 25. A day earlier, the Moex sank 33% as Russian President Vladimir Putin’s forces streamed across their neighbour’s border.</p>
<p>Moscow’s stock exchange had a market capitalisation of about £586 billion at the end of last year, according to the World Federation of Exchanges.</p>
<p>That is dwarfed by the New York Stock Exchange, where the total of all equities is roughly £21 trillion.</p>
<p>Russia’s central bank relaunched trading in rouble-denominated government bonds this week.</p>
<p>The central bank estimates that roughly 7.7 trillion rubles, equal to £60 billion, of Russia’s stock was owned by retail investors as of late 2021.</p>
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<p>Russia’s government may intervene to support its companies and investors.</p>
<p>Prime minister Mikhail Mishustin said on March 1 the country’s National Wealth Fund would purchase up to a trillion rubles (£7.7 billion) in Russian shares by the end of the year.</p>
<p>Before the war, foreign investors were showing growing interest in Russian stocks as an emerging markets opportunity but, roughly a week into the war, Russia was removed from emerging markets indexes compiled by MSCI, a division of Morgan Stanley.</p>
<p>That took away a primary incentive for fund managers to invest there.</p>
<p>On March 3, the London Stock Exchange suspended trading in shares of 27 companies with links to Russia, including some of the biggest in energy and finance.</p>
<p>The shares lost most of their value prior to the suspension.</p>
<p>Rosneft shares dropped from £6 on February 16 to 46p on March 2.</p>
<p>Sberbank plunged from £11.30 to 4p.</p>
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