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.

  • tal@lemmy.todayEnglish
    361·
    3 days ago

    Apparently in addition to Trump probably producing a recession and thus clobbering oil demand, OPEC decided, for some reason, to increase production.

    https://finance.yahoo.com/news/oil-extends-sharp-drop-surprise-061831274.html

    Oil’s rout was triggered Thursday by US President Donald Trump deluge of tariffs, which threaten the global economy and energy consumption. Hours later, OPEC+ tripled a planned output hike for May, in what delegates called a deliberate effort to lower prices to punish members that were pumping above their quota.

    West Texas Intermediate futures have fallen about 14% in just two days — settling near $61 a barrel in a move similar to steep losses seen during the pandemic — while Brent also ended the day at the lowest since 2021. The declines were exacerbated on Friday by China’s retaliation against the US duties, including a 34% tariff on all imports from the US starting within a week.

    Both are bad news if you’re a major oil exporter.

    • Hoomod@lemmy.worldEnglish
      15·
      3 days ago

      I’d guess they’re increasing production on the hopes that less countries purchase from the US

      • 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.