After a nearly month-long hiatus due to the conflict in Ukraine, the Moscow stock exchange has largely reopened.

As part of a phased re-opening of the market, only OFZ bonds issued by the Russian government will be traded.

On the 24th of February, Russian President Vladimir Putin dispatched tens of thousands of troops to Ukraine.

A representative for the Moscow Exchange, Andrei Braginsky, expressed optimism that stock trading will resume shortly.

“Technically, everything is ready, and we expect to begin operations soon,” he added.

Government bond rates jumped over 20% in pre-market trade, the highest on record, before easing down somewhat. A higher yield suggests that the government will have to pay more to borrow money and that the investment is riskier. Following the start of trade, the yield dropped to around 13%.

Elvira Nabiullina, the governor of the Central Bank, indicated on Friday that the bank will keep its benchmark interest rate at 20% and buy government bonds to reduce volatility.

The Russian economy is suffering as a result of the invasion of Ukraine and the sanctions imposed by western nations.

On Monday, the Russian rouble was worth roughly $105 per dollar, down almost a quarter since the invasion began.

Basic items like salt and cooking oil are being rationed at certain stores.

Four days after the launch of Moscow’s military operations in Ukraine, the central bank more than quadrupled interest rates to 20%. The prolongation of the fighting and the tightening of sanctions have further eroded trust.

Russia has been accused of defaulting on its debt, yet it just paid $117 million in interest on two dollar-denominated notes.