俄罗斯卢布在5月份升值至91美元大关，为两个月来的最高点，同时采取了越来越多的措施来支持外汇流入俄罗斯经济。莫斯科延长资本管制，人为地为主要出口导向型公司创造了对卢布的需求，这仍然支撑着卢布。此举延长了一项总统令，该法令要求43家主要出口商在收到资金后120天内将至少80%的外汇收益出售给俄罗斯银行，该法令将持续到2025年4月底。与此同时，财政部的数据显示，公司成功地避开了西方的制裁，并增加了国家的石油收入。除了支持外汇流入，强劲的能源收入还通过限制政府的过度借贷和防止未来旨在使卢布贬值以支持出口和预算的政策来加强卢布。

The Russian ruble appreciated toward the 91 per USD mark in May, its strongest in two months, amid mounting measures to prop up the level of foreign exchange inflows into the Russian economy. The currency remained supported by Moscow’s extension of capital controls that artificially created demand for rubles for key export-oriented companies. The move extended a presidential decree requiring 43 key exporters to sell at least 80% of foreign exchange proceeds to Russian banks within 120 days of receiving funds, set to continue until the end of April 2025. In the meantime, data from the Ministry of Finance showed that companies have been successful in evading Western sanctions and increased oil revenues for the state. Besides supporting foreign exchange inflow, strong energy revenues strengthen the ruble by limiting excess borrowing by the government and preventing future policies intended to depreciate the ruble to support exports and the budget.

周二，基于卢布的MOEX俄罗斯指数下跌0.4%，徘徊在3420点，将该指数的疲软势头延续至一个月来的低点，因为制裁和外国限制继续阻碍俄罗斯企业的发展。石油巨头卢克石油公司是俄罗斯蓝筹股盘中跌幅最大的公司之一，由于脱离股息，该公司股价下跌近4%。其董事会此前决定每股支付近500卢布，收益率为6.1%。与此同时，俄罗斯天然气工业股份公司（Gazprom）保持了最近糟糕的势头，在过去三个交易日中暴跌了8%。这家巨头此前在2023年报告了20年来的首次年度亏损，由于俄罗斯入侵乌克兰的余波和与西方国家的业务急剧下降，天然气销售额在此期间减少了一半以上。最后，矿商在本周中段平均下跌，Polus下跌1.5%，领涨以黄金为主的公司，而NorNickel下跌近1%，为贱金属矿商奠定了基础。

The ruble-based MOEX Russia Index was 0.4% down to hover at the 3,420 mark on Tuesday, extending the index’s muted momentum to a one-month low as sanctions and foreign restrictions continued to hamper the Russian corporate backdrop. Oil giant Lukoil was among the top losers for Russian blue chips in the session, dropping nearly 4% as it was detached from its dividends. Its board previously decide to pay off nearly RUB 500 per share, yielding 6.1%. In the meantime, Gazprom held its recent poor momentum total an 8% plunge in the last three sessions. The giant previously reported its first annual loss in 20 years in 2023, as gas sales more than halved in the period, pressured by the fallout of Russia’s invasion of Ukraine and the sharp decline in business with Western countries. Lastly, miners averaged losses halfway through the week, with Polus dropping 1.5% to lead losses for bullion-focused companies, while NorNickel lost nearly 1% to set the pace for base metal miners.

由于投资者继续评估俄罗斯的经济前景和最新企业发展，基于卢布的MOEX Russia指数保持了早期下跌，周一收盘下跌0.2%，收于3436点，延续了前一周的跌幅。俄罗斯天然气工业股份公司股价下跌1%，延续了前一周6%的跌幅，接近2019年以来的最低水平，投资者继续消化这家天然气巨头的悲观表现。该公司在2023年报告了20年来的首次年度亏损，在此期间，受俄罗斯入侵乌克兰的影响和与西方国家业务的急剧下滑，天然气销售额减少了一半以上。与此同时，卢克石油公司也下跌了1%，因为阿美石油公司的阿拉伯之光价格上涨被视为俄罗斯将减产延长到第二季度之后的另一个信号。与此同时，BSP收盘下跌6.7%，原因是该股脱离股息。

The ruble-based MOEX Russia held its early decline and closed 0.2% lower at 3,436 on Monday, extending the drop from the prior week, as investors continued to assess Russia’s economic outlook and the latest corporate developments. Gazprom shares dropped 1%, extending the 6% plunge from the earlier week to trade close to its lowest level since 2019 as investors continued to digest the gas giant’s pessimistic performance. The company reported its first annual loss in 20 years in 2023, as gas sales more than halved in the period, pressured by the fallout of Russia’s invasion of Ukraine and the sharp decline in business with Western countries. In the meantime, Lukoil also dropped by 1% as the increase in prices of Arab Light by Aramco was taken as another signal that Russia will extend its output cut past the second quarter. In the meantime, BSP closed 6.7% down as the stock was detached from dividends.

周一，基于卢布的俄罗斯MOEX指数下跌0.3%，至3430点，延续了前一周的跌幅，投资者继续评估俄罗斯的经济前景和最新企业发展。俄罗斯天然气工业股份公司股价基本持平，较前一周暴跌6%，接近2019年以来的最低水平，投资者继续消化这家天然气巨头的悲观表现。该公司在2023年报告了20年来的首次年度亏损，在此期间，受俄罗斯入侵乌克兰的影响和与西方国家业务的急剧下滑，天然气销售额减少了一半以上。与此同时，卢克石油公司下跌了近2%，因为阿美石油公司的阿拉伯之光价格上涨被视为俄罗斯将减产延长至第二季度之后的另一个信号。与此同时，BSP股价下跌7%，原因是该股已脱离股息。

The ruble-based MOEX Russia edged 0.3% lower to the 3,430 mark on Monday, extending the drop from the prior week as investors continued to assess Russia’s economic outlook and the latest corporate developments. Gazprom shares were broadly flat, holding the 6% plunge from the earlier week to trade close to its lowest level since 2019 as investors continued to digest the gas giant’s pessimistic performance. The company reported its first annual loss in 20 years in 2023, as gas sales more than halved in the period, pressured by the fallout of Russia’s invasion of Ukraine and the sharp decline in business with Western countries. In the meantime, Lukoil dropped by nearly 2% as the increase in prices of Arab Light by Aramco was taken as another signal that Russia will extend its output cut past the second quarter. In the meantime, BSP traded 7% down as the stock was detached from dividends.