After closing on Feb. 25, Russia’s stock market is back in business today. Importantly, however, a number of Russian stocks have not resumed trading on U.S. exchanges yet. This includes Nasdaq-listed names like Yandex (NASDAQ:YNDX), Ozon (NASDAQ:OZON), HeadHunter (NASDAQ:HHR), Qiwi (NASDAQ:QIWI) and Nexters (NASDAQ:GDEV).
Russian Stocks Rally on Moscow Reopening
The Russian stock market’s MOEX Index soared as much as 10% this morning and finished the day 4.4% higher. Helping to support Russia’s stocks are three measures. Specifically, the central bank blocked short selling, and has prevented foreign investors from selling their shares. Additionally, Moscow stated that it would spend 1 trillion rubles on the purchase of local stocks.
Additionally, only 33 stocks were open for trading on the market. Those stocks included Moscow-listed shares of Gazprom (OTCMKTS:OGZPY), Lukoil (OTCMKTS:LUKOY), and Rosneft (OTCMKTS:OJSCY). In a statement, the White House said that Moscow was “artificially propping up” stocks.
Nasdaq Continues to Halt Russian Stocks
On Feb. 28, the Nasdaq and the New York Stock Exchange, which is owned by the Intercontinental Exchange (NYSE:ICE), halted trading in U.S.-listed Russian companies. On March 3, America’s Financial Industry Regulatory Authority (FINRA) stopped the buying and selling of the shares of a number of over-the-counter Russian equities, including Gazprom and Lukoil.
Now, the reopening of the Russian stock exchange has prompted a lot of interest and questions around U.S.-listed Russian companies and these OTC shares. Despite the reopening in Moscow, the Nasdaq, NYSE and OTC halts remain in place. This means that you can not currently trade Russian stocks on the Nasdaq, including Yandex, Qiwi, Ozon, HeadHunter and Nexters. Investors should note that Nexters is based in Cyprus but has operations in Russia.
Investors are also currently blocked from trading certain exchange-traded funds, including the iShares MSCI Russia ETF (NYSEARCA:ERUS).
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.