Russia’s largest stock exchange, Tarkov, has opened its first exchange rate futures market for Russian shares and has added more than 50 new futures contracts to its platform, Reuters reported.
The move comes as Russia prepares to sign a $50 billion gas deal with Russia’s biggest energy company Gazprom.
The government has said it expects to get gas supplies from Russia by the end of March.
But analysts and traders say the gas deal will not be complete until mid-April.
“The price for Russian stocks has been steadily rising since mid-2014, but this is the first time that the price for these companies has been regulated,” Igor Kavorkiy, CEO of Russian futures broker Oskar Capital, told Reuters.
The rise in the price of Russian shares has also led to a drop in the value of the Russian ruble, which is down more than 20% against the dollar in the past year. “
But it is very difficult for these markets to keep up with the global markets,” he said.
The rise in the price of Russian shares has also led to a drop in the value of the Russian ruble, which is down more than 20% against the dollar in the past year.
The Russian government said it has increased the amount of reserves for the country’s energy companies, including Gazprom, to 2.5 trillion rubles ($1.6 trillion).
On Thursday, President Vladimir Putin said he will increase the price on oil by about 1.5% in an effort to stem the slide in oil prices.
The ruble’s decline also has led to the currency’s collapse against the greenback.
Russia’s central bank has warned of a currency collapse if oil prices remain low.
It has also warned that a “currency war” could break out in Russia if oil revenues from the country remain low, Reuters said.