MOEX, RTS seen regaining some ground in 2023
Russian market crashed after Feb. 24
MOEX seen at 2,500 by mid2023, at 2,850 by end2023
RTS seen reaching 1,300 by mid2023 and 1,356 by end2023

MOSCOW, Nov 29 Reuters Russia39;s stock market will claw back some of the heavy losses sustained this year in 2023, according to a Reuters poll of 12 market experts, with sanctions, geopolitical tension and an embargo on Russian oil set to hamper a significant recovery.

The Russian market crashed in February after Moscow sent tens of thousands of troops into Ukraine, triggering sweeping western sanctions. Risk aversion has soared but some fundamentals, such as a strong price of oil, Russia39;s main export, have underpinned the market.

Russian stocks had been rising since mid2020 and hit a record high in October 2021, before the selloff erased 56 of the roubledenominated market capitalisation in the first two months of 2022.

The MOEX roubledenominated index was expected to reach 2,500 by mid2023, up about 13.9 from Friday39;s close of 2,195.17, according to the Nov. 1428 Reuters poll. Forecasts were less optimistic than in the previous poll conducted in August.

The Russian market is continuing to adapt to the sanctions environment, but at the same time the scale of potential new restrictions from Western countries already looks limited, said Veles Capital analyst Elena Kozhukhova. As a result, Russian companies are likely to stabilise in the coming months.

Russia has…