: Russian stocks slump in day two of trading after month-long break


Russian stocks slumped Friday in the second day of trade after a nearly month-long break.

The Moex Russia
index dropped 3%, after a 4% surge on Thursday.

shares slumped 13%, reeling for a second day, and natural-gas giant Gazprom
lost 7%.

The valuations are still several multiples of those given to the same companies by international investors. Gazprom, for instance, was trading nine times higher in Moscow than its last trade in London.

Under the new rules in Russia, foreigners are not allowed to sell stocks, and short selling is banned.

Russia has been hit by a wave of sanctions after invading Ukraine that have hurt the local economy and pressured the ruble

The price differential of the Urals grade of oil that Russia produces and the international Brent

grade was $31 on Thursday due to a combination of factors, including sanctions and a lack of credit and insurance for would-be buyers.

The London Stock Exchange declined to comment on when it would lift suspensions of various Russian-related companies and funds.

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