The implementation of international tariffs has taken a heavy toll on Russia’s already weakened economy, which has been reeling from three years of conflict in Ukraine.
Although Moscow was not directly targeted by the Trump administration’s tariffs, the global stock market downturn has had negative repercussions on the Russian market.
For more than three years, Russia has been under Western economic sanctions, significantly cutting into the country’s primary sources of revenue—namely, oil and gas sales.
This week, Russia’s MOEX stock market suffered a sharp 8.09% drop in market capitalization, a plunge not seen since September 2022.
Leading Russian firms like Gazprom and Sberbank also witnessed their shares drop by 5%.
The autonomous Russian news organization The Bell noted that if oil prices continue to fall due to a global economic slowdown triggered by the newly introduced tariffs, Russia may be forced to borrow heavily to cover its growing budget deficit.
(QG - Source: Newsweek - Picture : © Unsplash)
