Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Crisis-Struck Russian Stocks Now Worth Less Than Microsoft

Microsoft's current market value is $386.6 billion.

The total value of all publicly traded shares on the Russian market is now less than the capitalization of U.S. software giant Microsoft, news agency RBC reported Tuesday, citing data from Bloomberg's Russia Exchange Market Capitalization Index.

As of Dec. 14, the total capitalization of Russian locally traded companies was $384.9 billion. Microsoft's current market value is $386.6 billion.

This is the second time the Russian market's worth has sunk below a single foreign multinational — in November U.S. tech firm Apple's capitalization stood at $652 billion to the Russian market's then $531 billion.

With the Russian economy close to recession and the ruble currency continuing a tailspin devaluation that has wiped 20 percent off its value to the U.S. dollar in the past two days alone, the Russian market looks set to fall behind oil firm Exxon Mobil ($366.7 billion), conglomerate Berkshire Hathaway ($360.3 billion) and Internet major Google ($352.7 billion).  

Russian stocks plummeted further on Tuesday after the Central Bank announced an emergency interest rate rise that failed to stop the ruble collapse from gathering pace.

The dollar-denominated RTS Index was down 12.4 percent at 629 points at 7 p.m. in Moscow, according to data from the Moscow Exchange. The fall compounds a Monday tumble of over 10 percent and brings the index's total loss this year to over 55 percent.

The RTS is at its lowest levels since the financial crisis of 2009. The ruble-traded MICEX Index, which is buoyed by Russian currency weakness, was up 1.4 percent to 1,444 points.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

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 you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more