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The rally has been attributed to the devaluation of the ruble and rising oil prices Russia’s ruble-based MOEX index exceeded 3,000 points on Friday, marking its highest level since February 22, 2023, the day before Moscow launched its military operation in Ukraine.

Transit via the key trade route has reportedly been halted indefinitely over fears of new Houthi attacks British oil giant Shell has paused transit through the key Red Sea shipping route indefinitely over fears of attacks following the recent US and UK airstrikes on Yemen’s Houthi rebels, the Wall Street Journal reported on Tuesday.