Russian Markets Reel from Trump Tariffs, Oil Price Collapse - The Moscow Times
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Russia’s stock market has suffered its worst week in more than two years in response to U.S.

Summary

Russia’s stock market lost $23.7 billion in two days after Trump’s new global tariffs and a steep oil price drop, marking its worst week since 2022.

The MOEX Russia Index fell 8.05%, with major firms like Sberbank, Gazprom, and Rosneft plunging. Brent crude dropped 12%, and copper fell 11%, stoking global recession fears.

Russia, heavily reliant on commodity exports, faces budget strain and potential ruble devaluation.

Peace talks over Ukraine remain stalled as the U.S. signals impatience, and NATO sees no shift in Russia’s war objectives.

  • AA5B@lemmy.worldEnglish
    162·
    3 days ago

    fewer

    I understood that middle eastern oil can be dirt cheap because it is simply pumped, whereas US oil can’t be because you have a lot more costs, especially with fracking.

    They’re trying to block “drill baby, drill” by making it unprofitable for companies to do that

    • Vox@lemmy.worldEnglish
      3·
      3 days ago

      It’s also a different type of crude, a lot of US refineries can’t use the light sweet crude that the US mainly has, they are configured to use sour crude that opec mainly has.