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Russia's MOEX Russia Index rose 3.33% to a new 3-month high, driven by gains in the Telecoms, Mining, and Oil & Gas sectors. Severstal PJSC led the gains with an 8.54% increase, while Transneft PJSC Pref fell 0.12%. The Russian Volatility Index rose 1.87% and the US Dollar Index Futures increased 0.08%.

The Russian stock market experienced a significant surge on Monday, with the MOEX Russia Index (MXRT) rising 3.33% to reach a new 3-month high. The gains were driven by strong performances in the Telecoms, Mining, and Oil & Gas sectors [1].

Several companies contributed to the upward trend. Severstal PJSC (CHMF), a leading steel and mining company, experienced a notable increase of 8.54% [1]. Similarly, Magnitogorskiy Metallurgicheskiy Kombinat PAO (MAGN), VK Company Ltd (VKCO), and T Tekhnologii MKPAO (TCSG) all saw their shares rise by more than 5% [1].

On the other hand, Transneft PJSC Pref (TRNF\_p) was the worst performer, with a decline of 0.12% [1]. Despite this, the number of rising stocks outnumbered declining ones by a significant margin, with 238 stocks rising compared to 8 that declined and 7 that remained unchanged [1].

The Russian Volatility Index (RVI), which measures the implied volatility of MOEX Russia Index options, also increased by 1.87% [1]. This suggests that investors are becoming more uncertain about the market's future direction.

The strong performance of the Russian stock market comes amidst a backdrop of rising commodity prices, particularly oil and gas. Crude oil for delivery in February rose by 0.79% to $71.16 a barrel, while the March Brent oil contract rose by 0.41% to $74.09 a barrel [1].

The US Dollar Index Futures also increased by 0.08% to 107.88 [1]. This suggests that the US dollar is gaining strength against other currencies, which could have implications for the value of Russian stocks denominated in US dollars.

In summary, the Russian stock market experienced a significant surge on Monday, with the MOEX Russia Index reaching a new 3-month high. The gains were driven by strong performances in the Telecoms, Mining, and Oil & Gas sectors, with several companies experiencing notable increases in share price. However, the Russian Volatility Index also increased, suggesting that investors are becoming more uncertain about the market's future direction.

References:
[1] Investing.com. (2023, March 20). Russia stocks higher at close of trade: MOEX Russia index up 3.33%. https://www.investing.com/news/stock-market-news/russia-stocks-higher-at-close-of-trade-moex-russia-index-up-333-3791990