Support The Moscow Times!

Russian Assets Buoyed by China Data and EU Reports on Sanctions

Russian Economy Minister Alexei Ulyukayev (C) speaks with journalists before a meeting of the presidential council at the Kremlin in Moscow.

Russian assets firmed on Tuesday, buoyed by positive economic data from China, a major market for Russia's raw materials, and by a report that the European Union might review sanctions imposed against Moscow over its role in the Ukraine crisis.

At 0730 GMT, the dollar-denominated RTS index was up 0.5 percent at 1,157 points, while its ruble-based peer MICEX traded 0.4 percent higher at 1,418 points.

The daily Kommersant, citing an EU source, reported the 28-nation bloc could review its economic sanctions against Russia as early as Sept. 30.

"(This report) should support the market today," analysts at Alfa Bank wrote in a note.

China's factory activity data came in stronger than expected, boosting Moscow's metal and steel companies for whom China is a major market.

However, trading was restricted for shares of coal-to-steel group Mechel after they tumbled nearly 30 percent in the previous session following a comment by Economy Minister Alexei Ulyukayev that bankruptcy may be the only option for the debt-ridden miner.

The ruble was 0.1 percent stronger against the dollar at 38.65 and traded unchanged on the day at 49.69 versus the euro.

This left the currency nearly 0.1 percent stronger at 43.62 against the dollar-euro basket the central bank uses to gauge the ruble's nominal exchange rate.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more