Russian stock market rises in partial reopening
Russian shares rose as the country's stock market reopened under heavy restrictions after more than three weeks of closure caused by President Putin's invasion of Ukraine.
The benchmark Moex index rose almost 8% to 2,660 at 12:04 Moscow time as trading resumed for the first time since 25 February. But restrictions remained in a truncated session due to end at 14:00 in Moscow. Shares traded included Gazprom, Sberbank and Rosneft.
Short selling was banned and foreign investors were not allowed to sell shares until 1 April. Trades may be settled in US dollars or roubles but money must stay in Russia even if investors cash out.
The US said the reopening was a "charade" and that it would push to isolate Russia further from the global economy as long as the war in Ukraine continues. The market opened before US President Joe Biden joined meetings with Nato, G7 and EU leaders.
Daleep Singh, deputy US national security adviser, said: "Russia has made clear they are going to pour government resources into artificially propping up the shares of companies that are trading. This is not a real market."
Trading was suspended on 25 February after sanctions imposed because of the Ukraine invasion caused shares to plunge.