Why Has the Russian Stock Market Fallen for Six Straight Months?

The MOEX Index declined approximately 22% between March and August 2026, recording its longest sequence of monthly losses since 2008.

Unlike the dramatic collapse seen during the global financial crisis, the current decline has been slower and more persistent.

A 14% policy rate makes deposits and government bonds attractive alternatives to stocks. Expensive credit, geopolitical uncertainty, weak oil prices and limited growth catalysts have added further pressure.

The index may attempt to form a base around 2,000–2,300, but one strong trading session would not confirm a reversal.

A sustainable recovery will likely require faster interest-rate cuts, improving liquidity and a lower geopolitical risk premium.

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