What is the MOEX Valuation?
The MOEX Valuation and Commodity Exposure Index tracks the Russian equity market, which is among the most commodity-concentrated of any major economy. The Moscow Exchange index is dominated by oil, gas and metals producers, so its valuation and direction are tightly bound to global energy and commodity prices. Russian equities have long traded at some of the lowest price-to-earnings multiples in the world, reflecting persistent political risk, governance concerns, and, since 2022, sweeping international sanctions that have severed much of the market from global capital. This deep discount means the market can appear statistically cheap while carrying extraordinary risk that conventional valuation metrics fail to capture. The index therefore pairs a valuation read with an assessment of commodity exposure, recognising that for Russia the two are inseparable. It is included for completeness of global coverage, but the sanctions environment makes reliable, timely data especially difficult to obtain and the market largely inaccessible to international investors.
Formula & Methodology
Created by Commodity-exposure valuation framework.
Historical Performance & Limitations
Since 2022 sanctions have severely restricted data availability and market access, making any valuation highly uncertain. Political risk, currency controls and governance issues mean standard metrics dramatically understate true risk.
Status Classification
| Level | Meaning |
|---|---|
| Strong Undervaluation | Market trading significantly below historical average |
| Fair Value | Market aligned with historical valuation metrics |
| Moderate Overvaluation | Market elevated above historical norms |
| Severely Overvalued | Extreme historical deviation; high downside risk |