Amid a surge in the Russian rouble’s value and a rally in stocks, the Moscow Exchange, Russia’s primary stock exchange, made a sudden decision to halt trading on Thursday, 13 February 2025, starting at 8:40 pm Moscow time. This unexpected move came after encountering issues with data transmission, prompting the exchange to suspend the evening session. Market participants were consulted before the official statement from the Moscow Exchange confirmed the decision not to resume trading for the remainder of the day.

The rally in the Russian rouble was triggered by a conversation between US President Donald Trump and Russian President Vladimir Putin earlier in the day. Their discussion revolved around a potential peace agreement for Ukraine, causing the rouble to strengthen by 3.7% to 90.50 against the US dollar by the end of the trading day. At one point during the session, the rouble even surged to 89.90, marking its highest level since September 11, 2024. Reports from Russian media indicated that some foreign-exchange booths in Moscow had to close down due to the rapid depreciation of the dollar.

This recent market volatility follows the imposition of US sanctions on Russia on June 12, 2024, aimed at disrupting the financial support flowing into Russia’s activities in Ukraine. As a result, trading in US dollars and euros was suspended on the Moscow Exchange. Notably, this disruption on the Moscow Exchange is not an isolated incident, with similar occurrences in recent years.

On February 13, 2024, trading on the Moscow Exchange was halted due to a hardware error on the main server, affecting stock market operations. Although other markets like currency, derivatives, and precious metals continued trading, the stock market remained inactive for several hours until the issue was resolved. Similarly, in February 2022, following Russia’s invasion of Ukraine, the Moscow Exchange ceased all trading activities until March 2022, when it reopened with restrictions after almost a month of closure.

Despite these disruptions, the exact reasons behind the recurrent halts in trading on the Moscow Exchange remain unclear. The exchange has expressed regret for any inconvenience caused by the recent suspension of trading activities. The market’s response to geopolitical events and external pressures continues to impact trading dynamics, underscoring the interconnectedness of global financial markets and the need for resilience in the face of uncertainty.