Russian stocks rally as Trump-Zelensky meet-up revives peace hopes

Russian stocks climbed above a closely watched threshold on Tuesday as investors turned their attention to diplomacy around the UN General Assembly meeting this week. The MOEX index moved above 2,300 points, and Gazprom shares crossed 100 roubles, according to Finam’s market update.

Presidents Donald Trump and Volodymyr Zelenskyy are due to meet in New York on the sidelines of the UN General Assembly, with de-escalation and energy infrastructure expected to feature prominently in their talks, according to Axios.

Even a small glimmer of diplomacy can matter for Moscow-listed stocks, as sanctions, the war and access to international markets continue to factor into valuations. Finam analysts had previously pointed to geopolitical news as one of the main possible triggers for Russian stocks this week, with investors awaiting events at the UN.

MOEX index as of Tuesday evening. Image: Finam

Read more: US envoys arrive in Moscow with new Ukraine peace plan

Markets see diplomacy in messy backdrop

The Trump-Zelensky meeting follows a weekend phone call in which the US president repeatedly brought up Ukrainian strikes on Russian oil refineries and their effect on global diesel prices, Axios reported.

Zelenskyy is expected to push for an energy truce, more air defence support and steps to reduce attacks on infrastructure. Trump used his UN address to call on Vladimir Putin to reach a settlement, while Russian Foreign Minister Sergei Lavrov is also in New York for separate talks with US Secretary of State Marco Rubio.

Meanwhile, Trump has approved legislation tightening pressure on Russia, while the European Union continues discussing further restrictions. Kursiv Uzbekistan previously examined how the new US sanctions framework could spill over into Central Asian banks, trade and Russian energy purchases.

Read more: Trump calls Putin–Zelensky hostility ‘ridiculous’ as peace talks continue