The Russian MOEX index, based on the ruble, soared above 3,000 points on Friday, hitting the highest level it has seen since the day before the beginning of the Russian special military operation in Ukraine, which launched on February 23rd, 2023.

The index rose 0.7%, to 3008.61 points, and is up about 40% since the start of 2023. Its growth has been consistent and steady, following a brief collapse which occurred immediately after the announcement of the partial mobilization of troops in September 2022.

Analysts interviewed by the Russian Newspaper Kommersant noted that the main drivers of the rally were a falling ruble, increasing oil prices, and the dividend policy of the nation’s corporate sector. The analysts predicted that the MOEX would hit 3500 by the end of 2023.

LUKOIL, Rosneft, Tatneft, Gazprom Neft, and Surgutneftegaz all saw solid growth in the latest trading session. Among the strongest growth seen among financial sector firms was Sberbank, which was up 0.6%.

At the same time, Brent crude, which serves as a global benchmark for Russia’s main export, crude oil, was up by 1% to $83.72 per barrel, which is close to a three month high, supporting the stock indexes of Russia.

Meanwhile the ruble edged downward, trading at about 90 vs the dollar, nearing the lowest point it has seen since April of 2022.