The Moscow stock market sinks almost 9% after the call for the Donbas referendum to join Russia

The Moscow parquet has reacted negatively to Donbas’s desire to join Russia. In Tuesday’s session, the fall of the Moex index -the selective of the Moscow Stock Exchange- has been 8.84%, up to 2,215.67 points.

Throughout the day, the fall has been even greater, reaching over 11%. In any case, the drop this Tuesday is the largest since Russia decided to invade Ukraine. That February 24, the Moex index plummeted 33.28%.

Tuesday’s declines began when the Russian news agency interface reported that the Russian-controlled territories of Ukraine they will hold referendums to become part of the country governed by Vladimir Putin.

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The so-called Donetsk and Luhansk People’s Republics, as well as Kherson and Zaporizhia, Voting will be held between September 23 and 27.

The president of the Lugansk parliament, Denis Miroshnichenko, made the announcement hours after the members of the Public Chamber unanimously approved a law on the holding of the referendum on this point, as reported by the same Russian agency.

[De la recuperación a la recesión: la guerra en Ucrania conduce a la Unión Europea al abismo económico]

Shortly after, the Donetsk Public Chamber confirmed that the vote in this territory will take place on the same dates, as reported by the Russian news agency. TASS. Russia has interpreted the proposals as a sign of the desire of the population of these territories to be able to determine whether they want to be part of the Federation.

“Since the beginning of the special military operation and, in general, in the preceding period, we said that the population of the respective territories should decide their future,” Russian Foreign Minister Sergei Lavrov said.

On the contrary, the Government of Ukraine has denounced that “the farce of the referendums will not change anything and neither will any hybrid mobilization.” This was indicated by the Ukrainian Foreign Minister, Dimitro Kuleba, in a message on his account on the social network Twitter.

“Russia has been and continues to be an aggressor that illegally occupies part of the Ukrainian territory,” he denounced.

After the strong falls registered between April and June, the Moscow stock market had managed to link three consecutive months of recovery. In the exercise as a whole, and as a consequence of the Ukrainian conflict, the collapse is close to 36%, according to data from Refinitiv.

Russia-Ukraine War

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