Features of the development of the Russian stock market in modern conditions of the sanctions burden

Being one of the most sought-after financial instruments, stocks, as objects of stock market transactions, play an important role in the redistribution of capital and the formation of investment flows. The relationship of stock market conditions with GDP dynamics and economic growth has been proven by many scientific studies, in particular through calculations of correlation coefficients between the GDP index and stock indices. Theoretically justified is the fact that the growth of the stock index contributes to an increase in optimistic expectations of investors and stimulates them to further increase investments in the economy. These aspects become extremely relevant in connection with the peculiarities of the development of the Russian economic system after the start of its development in February 2022. At the present stage, the Russian economy, including the financial market, as its segment, is under pressure from the geopolitical situation. In recent years, many economic sanctions of various types have been imposed on Russia by other states. Among them are those that directly affected the state of the stock market, for example, the US ban on new investments in the Russian energy sector, the EU ban on listing shares of Russian companies on European stock exchanges. A large number of sanctions also have an indirect impact on the stock market. In particular, sanctions against the banking sector, restrictions on international trade with Russia, the closure of airspace, the freezing of gold reserves, as well as the termination of cooperation in the fields of tourism, science, education, etc. The article provides a summary table demonstrating the impact of economic sanctions imposed on Russia on various sectors of the Russian stock market. The author makes assumptions about the further direction of the development of the Russian stock market under the conditions of the sanctions burden.