Russia’s economy drowns in sanctions. The Moscow Stock Exchange shut down on February 25 and so far lost 34% of its value, which together with other collateral effects anticipate a disaster for ruble savers when markets reopen.
, it is likely the retail investor community in Russia — such as pensioners and retirees — will suffer severe losses to their savings when markets open.
But perhaps there is no better path to understanding the dangers of centralized control over capital markets than through the archives of SPB itself. During the imperial era, SPB was one of the world’s top-performing stock markets, even besting the performance of the New York Stock Exchange for much of the latter half of the 19th century. However, trading on SPB halted with the outbreak of World War I. It opened briefly after the outbreak of the Russian Revolution in 1917.
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