The Moscow Stock Exchange Ends The Year Where It Began: Russia 2026 Market Predictions

The final 2025 trading session of the Moscow Stock Exchange took place on December 30^th, showing a slight increase of 0.6% to 2,759.52 points. That means that the bourse ended 2025 pretty much at the same level that it began the year.

Analysts, however, do not rule out that in the first days of 2026, the index will rise to 2,800 points. That is due to good news from the Russian Minister of Finance, Anton Siluanov, who reported after the Index had closed that by the end of 2025, privatisation revenues in Russia amounted to ₽112 billion (US$1.42 billion), exceeding the planned figure of ₽100 billion by 12%.

In 2026, it is planned to maintain the same level of receipts. Siluanov added that state companies will continue to enter the stock market, and the government will prepare a corresponding list of assets for privatisation next year. In a number of companies, the state will retain controlling stakes, while in others it may sell smaller shares to ensure their listing.

Support for gold miners is also provided by the resumption of growth in gold prices; the price of gold grew by 1.4% to US$4,402.3 per troy ounce.

Lukoil also declared dividends, supported by the shareholders’ approval of a dividend for 9 months of 2025 in the amount of ₽397 roubles per share.

Acron quotations also grew on news that in 2025, the Russian mineral fertilizer industry showed steady growth in production and exports, despite the tightening of sanctions by the EU, USA, and UK and the introduction of new import duties in Europe. Export flows were successfully diversified into “friendly” countries.

The 2025 performance of the Moscow Stock Exchange can be compared to the performances of other exchanges around the world. While Moscow had an erratic ride, this was to be expected given the political and economic pressures the economy has faced. Nonetheless, it ended 2025 where it had begun. Other exchanges performed as follows:

Exchange	2025 Performance
London	+21%
Euro Area	+12%
Ukraine	-8.2%
NASDAQ	+9.2%
New York	+16.4%
India	+8%
Hong Kong	+28%
Shanghai	+18%
Tokyo	+22.4%
Brazil	+41%
Dubai	+67%
Africa	+6%

Although the Moscow performance lagged behind most global bourses, there are some positives in that Russia’s main trade partners, China and India, both performed well, and its emerging market targets in Latin America and the Middle East showed extraordinary growth.

Overall forecasts for 2026 are highly speculative given the global uncertainty surrounding global trade patterns; however, as regards Russia, these predictions are wildly erratic. While Western analysts continue to predict the collapse of the Russian economy—see here, here, and here – It seems that most of the rhetoric concerning these evaluations is politically rather than fundamentally driven. Even to the untrained observer, some of the statements made concerning the Russian economy are highly inaccurate.

On the other hand, some analysts closer to home believe the Russian markets are undervalued and could show significant increases during 2026. These include predictions of a 40% growth as well as Uzbeki analysts suggesting that Russian stocks will become more attractive than bonds during the year.

The Central Bank of Russia, meanwhile, predicts 2026 growth at 1.3%, with the World Bank at 1.1%.

An interesting development feature of Russia’s stock exchanges, however, is that they represent a relatively low cross-section of the economy. Just 31.4% of Russia’s total GDP comprises listed companies, compared with a global average of 74.83%. With the Russian government, as mentioned above, keen to pass on equity it owns in its state-owned enterprises to the Russian public in the form of increasing IPOs of some very attractive businesses, the Russian stock markets are likely to continue to expand in terms of the numbers of companies quoted.

Interestingly, this echoes a similar strategy played out by the Chinese government in the early 2000s, when listings of what had been wholly government-owned companies were offered for the first time to the public. Of note here is that between the decade 2000 to 2010, China’s economy doubled, while the average Chinese citizen saw their income quadruple.

We hesitate to make any predictions ourselves; however, it is clear that 2026 will be a year of intense economic development—and hopefully in a positive direction.