Russia's MOEX index falls to a four-year low as Gazprom sinks to an all-time record

Summary

Russia's MOEX equity benchmark hit a nearly four-year low on July 16-17, extending the index's longest losing streak on record. Gazprom, Russia's state gas monopoly, led the slide, with shares dropping 5% in a single session to 83.98 rubles, an all-time low. Analysts cited overlapping pressures: Western Courts Rules sanctions, geopolitical uncertainty from the イランがヨルダン・バーレーン・クウェートの米軍基地を攻撃、米軍が初めてテヘラン近郊を空爆 regional escalation, weak domestic investor sentiment, and the structural revenue hole left by Europe's turn away from Russian gas since 2022. The index posted a brief intraday rebound but failed to hold gains.

Why it matters

Gazprom's collapse in market value reflects the permanent nature of Europe's gas-market exit, not a cyclical dip. The broader MOEX decline signals that Russian capital markets are increasingly isolated from Western liquidity and that domestic investors see diminishing prospects for a near-term turnaround, complicating the Kremlin's ability to finance war spending through equity markets.

What to watch

• Whether the Bank of Russia intervenes to stabilise the market or lets the decline run
• Gazprom's next quarterly earnings, which will show the full revenue shortfall
• Whether further MOEX declines push Russian corporates to seek emergency state support