Russian stock market grows after Putin's statements

During the evening trading session on March 13, the Russian stock market surged: the IMOEX2 index spiked sharply, reaching 3,195.85 points at its peak. Compared to the previous closing level, it gained 2.38%. The main Moscow Exchange index closed at 3,121.57 points, according to trading data.

Photo: flickr.com by The Central Intelligence Agency, https://creativecommons.org/public-domain/pdm/

Stock exchange

The evening session rally followed most recent statements from President Vladimir Putin, who announced that Russia agreed to proposals for a ceasefire in Ukraine. He clarified that this should eradicate the root causes of the crisis and lead to a long-term peace.

Also read: Putin thanks Trump for his attention to Ukraine crisis

At the same time, the price of gold, the most popular safe-haven asset, hit another record. The nearest futures contract reached $2,986.7 per troy ounce. The  rise in gold prices is driven by investors seeking to protect their assets amid economic instability and geopolitical tensions. Analysts at Macquarie Group believe gold could rise to $3,500 by the third quarter, as its appeal as a safe-haven asset continues to grow.

On March 13, speaking at a press conference following the meeting with Belarus President Alexander Lukashenko, Vladimir Putin said that Russia agreed with USA's proposal for a 30-day ceasefire in Ukraine:

The idea of a ceasefire is "fundamentally correct, and we certainly support it, but there are questions we need to discuss."

"I think we need to talk with our American colleagues, maybe call President Trump and discuss it," Putin said. 

Russia will negotiate next steps for ending the conflict and reaching agreements acceptable to all, based on how the situation develops "on the ground."

If the US and Russia reach an agreement on energy cooperation, the gas pipeline for Europe could be secured, Putin said.

Trump's special envoy Steve Witkoff will meet with Putin on March 13 in the evening. The meeting will be conducted in a closed-door format, Russian presidential aide Ushakov said.

"We are conducting closed-door negotiations on the return of certain partners to the Russian market. There will be no special preferences for foreign companies that wish to return," Vladimir Putin also said during the press conference.