摘要：
Following Russia's invasion of Ukraine in February 2022, the West took a number of measures to weaken and isolate the Russian economy including imposing sanctions. We investigate the resulting effects of these actions to disrupt futures trading on the Moscow Exchange (MOEX), Russia's main market for exchange-traded futures, and to dimmish its global importance. On one hand, we find that MOEX contract trade volume and open interest have returned to, and in some cases now exceed, pre-invasion levels, driven in part by new contract innovation and fortuitous design of existing contracts. Notably, these innovations include the successful launch of perpetual futures contracts including those on the Chinese yuan. Also, energy futures feature cash settlement and settle to globally recognized benchmarks, thus avoiding potential complications related to physical delivery. We further find that the MOEX's operating profitability and its fees and commission revenues from derivatives trading have continued to grow significantly. On the other hand, applying methods from network theory, we observe a post-invasion decline in the MOEX's centrality suggesting that the sanctions have had a negative effect on the MOEX's global importance and, potentially, have caused a structural shift in its position in the international financial system. Taken together, our findings provide new insights into sanctions' ability to influence the functioning of domestic financial markets and how targeted economies tend to adapt.
From Emm E E, Gay G D, Ma H, et al. The Russia-Ukraine conflict and its impact on Moscow exchange-traded futures[J]. Pacific-Basin Finance Journal, 2026: 103229.
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