Russia extends suspension of stock market trading to March 18

Trading on the Moscow Exchange has been stopped since February 25

Police officers detain a woman in central Moscow, during a protest against Russian military action in Ukraine. AFP

Children look at phones as people who fled the conflict in Ukraine wait outside an immigration office in Brussels, Belgium. Reuters

Soldiers stand next to a bus with a damaged windscreen, after an attack on the Yavoriv military base, in Novoyavorivsk, Ukraine. Reuters

A soldier waits at a hospital after the attack on the Yavoriv military base. Reuters

A wounded soldier is transported by medical workers, at a hospital in Novoyavorivsk, after the attack on the Yavoriv military base. Reuters

Rescuers work at the site of an accident after a bus that was carrying about 50 Ukrainian refugees overturned near Forli, central Italy. One person died in the crash. AFP

A man wounded in the air strikes at a nearby military complex is assisted by medical staff outside Novoiavorivsk District Hospital. Getty Images

Paramedics find low ground after an air-raid siren sounds on the outskirts of Novoiavorivsk. Getty Images

A view of a residential building damaged during an air strike, as Russia's invasion of Ukraine continues, in Chernihiv, Ukraine. Reuters

A tram damaged by shelling sits at a depot, in Kharkiv. AP

An abandoned doll next to a car riddled with bullets in Irpin, north of Kyiv. AFP

A Ukrainian soldier holds a Next Generation Light Anti-tank Weapon that was used to destroy a Russian armoured personal carrier in Irpin. AFP

Residents try to strengthen the wall of a house damaged by recent shelling, on the outskirts Kyiv. AFP

Firefighters extinguish a blaze at a house after shelling in Kyiv. AFP

A convoy of pro-Russian troops outside the separatist-controlled town of Volnovakha in the Donetsk region, Ukraine. Reuters

Smoke from shelling rises behind a wreath at a cemetery in Vasylkiv, south-west of Kyiv. AP

A woman stands outside a local hospital, damaged during fighting in Volnovakha. Reuters

People gather in the basement of a local hospital, which was damaged during clashes in Volnovakha. Reuters

A Ukrainian soldier leaves a damaged building after shelling in Kyiv. AFP

Ukrainian President Volodymyr Zelensky. AFP

A finance police officer boards Russian billionaire Andrey Igorevich Melnichenko's superyacht, which has been sequestered at the northern port of Trieste, Italy. Reuters

A Russian KA-52 gunship strikes a Ukrainian military object. AFP

Bystanders watch what appears to be Russian forces arresting Ivan Fedorov, mayor of Melitopol, a city in south-eastern Ukraine. Reuters

Firefighters battle a blaze at a warehouse storing frozen products hit by shelling in Kvitneve, Kyiv region. Reuters

A soldier loads the cargo hold of a chartered Boeing 747 airplane with duffle bags belonging to US soldiers, during their deployment to Europe, at Hunter Army Airfield in Savannah, Georgia. AP

Two young girls pray for peace in Ukraine at Lisbon's 16th century Jeronimos Monastery. AP Photo

A volunteer of the Ukrainian Territorial Defence Forces walks on the debris of a car wash destroyed by Russian bombing in Baryshivka, east of Kyiv. AP Photo

Volunteers pass an improvised path under a destroyed bridge as they help an elderly resident in Irpin, north-west Kyiv. AP Photo

A woman who was evacuated from Irpin kisses a cat wrapped in a blanket at a triage point in Kyiv. AP Photo

An explosion is seen in an apartment building after a Russian army tank fires in Mariupol. AP Photo

A Russian army tank moves through a street on the outskirts of Mariupol. AP Photo

Tonya Steyn, office manager and volunteer co-ordinator, sorts through medical supplies at the non-governmental organisation, SOS International headquarters in Louisville, Kentucky. AFP

An overview of damaged buildings and burning fuel storage tanks at Antonov Airport in Hostomel, north-west of Kyiv. Maxar Technologies / AFP

The destroyed main building of school number 25, after being bombed in Zhytomyr. EPA

A supporter holds a sign to support Ukraine during Paris' mayor and 'Socialist party' (PS) presidential candidate's campaign meeting in Rennes, western France. AFP

Live updates: follow the latest news on Russia-Ukraine

The Moscow Exchange equity market will remain shut until at least March 18, Russia's central bank said on Saturday as it seeks to shield domestic investors from the impact of international sanctions imposed over the country’s military offensive against Ukraine.

The central bank said a decision on whether trading would resume from March 21 will be announced later.

“The Bank of Russia has decided not to resume trading in the period from March 14 to March 18, 2022 on the Moscow Exchange in the stock market section, with the exemption of the 'Redemption: targeted orders' mode with settlements in roubles, as well as in the SPFI market section,” the regulator said on Saturday.

It said trading on the foreign exchange market, money market and repo market would open at 0700 GMT on those days.

Stock trading on Moscow's benchmark MOEX Index has been halted since February 25.

Russia’s economy has taken a massive hit after the US and its allies took punitive actions against Moscow following its military offensive in Ukraine. Russian companies and oligarchs in President Vladimir Putin's inner circle are also facing sanctions and their assets have been frozen by Western countries.

Many Western companies have exited or temporarily suspended operations in Russia. Moscow is now considering nationalising the assets of foreign companies that have severed business ties.

The US and UK have banned the import of Russian crude while Europe, which imports more than 40 per cent of its natural gas and 30 per cent of its oil from Russia, has pledged to reduce its reliance on Moscow for its energy needs.

On Thursday, the Institute of International Finance (IIF) estimated that Russia's economy will shrink 15 per cent this year as it slides into a deep recession that will be twice as severe as the 2009 recession.

The working hours of the Moscow Exchange for the week from March 21 to March 25, 2022 will be announced later on the official website of the Bank of Russia.

There were 455 organisations operating in the Russian securities market at the end of the third quarter of 2021, of which 193 were credit institutions, 238 were non-bank financial institutions and 24 were investment advisers, according to the regulator’s website.

Local traders are bracing for a sell-off as investors react to a slew of fresh measures over the past two weeks, including import bans on Russian oil by the US and UK.

The rouble slumped on Wednesday when foreign exchange trading resumed after being shuttered since March 5.

Although Russia has promised to prop up its equity market with up to $10 billion when it reopens, strategists expect local stocks could sink as much as 50 per cent as international sanctions hit everything from Russia’s ability to access foreign reserves to the Swift bank-messaging system.

Moody's Investors Service downgraded Russia's ratings deeper into “junk”, or non-investment grade territory on March 6, for the second time in two weeks and expects the country's economy to shrink 7 per cent this year due to mounting pressure on its finances.

Moody's said its decision was prompted by the Central Bank of Russia's capital control measures put in place following sanctions imposed by the US, Europe and other countries. Moscow's capital control measures are likely to restrict cross border payments including debt service on government bonds, the rating agency said.

Sanctions against Russia's central bank will “severely restrict” its access to international reserves to support its currency and financial system, the International Monetary Fund said on March 5.

International sanctions on Russia’s banking system and the exclusion of a number of banks from global payments system Swift have “significantly disrupted” the country’s ability to receive payments for exports, pay for imports and make cross-border financial transactions, the Washington-based lender said.

With inputs from Bloomberg