Russian Stock Market Rallies Amid Reports of US-Russia Peace Proposal for Ukraine

Moscow Exchange Sees Significant Gains

The Russian stock market saw a notable rally on Friday, November 21, 2025, as the Moscow Exchange Index (MOEX) climbed by 2.4% at the opening bell, reaching 2,691 points. This upward movement was observed across various sectors, with most major stocks posting gains in the range of 3-5%. Leading the rally were shares of Tatneft and Aeroflot, which rose approximately 4%, while energy giants Gazprom, Sberbank, and Lukoil each advanced by 3%.

Investment banker Yevgeny Kogan commented on the market's strong response, attributing it to investor confidence. Kogan suggested that the MOEX index could potentially rise to 3,400 points if peace talks progress successfully, though he cautioned that negotiations would likely be accompanied by volatility.

Details Emerge on US-Russian Peace Plan

The market's optimism was fueled by reports of a new 28-point peace proposal put forth by the Trump administration, designed to bring an end to the nearly four-year conflict in Ukraine. The plan was reportedly drafted by Trump's envoy Steve Witkoff and his Russian counterpart Kirill Dmitriev, and subsequently presented to Ukrainian President Volodymyr Zelenskyy by US Army Secretary Daniel Driscoll.

Key provisions outlined in the reported proposal include:

• Ukraine ceding territories such as Crimea, Luhansk, and Donetsk to Russia.
• A freeze of the conflict along the current frontlines in Kherson and Zaporizhzhia.
• A reduction in the size of Ukraine's military, capped at 600,000 personnel.
• Ukraine agreeing not to pursue NATO membership.
• Phased sanctions relief for Russia.

The White House has reportedly set a deadline for Ukraine to accept the plan by Thanksgiving Day, November 27.

Ukrainian and European Reactions

Ukrainian President Volodymyr Zelenskyy indicated a readiness for 'honest' work with the United States and Europe on the reported proposal, while emphasizing the necessity of a 'dignified peace' that respects Ukraine's sovereignty. However, the proposal has been met with significant concern from Ukrainian officials and European allies, who view some of its terms as heavily favoring Moscow and amounting to a 'capitulation' to Russian demands.

Discussions are currently underway in Geneva, where US, Ukrainian, and European diplomats are meeting to discuss the plan. These talks aim to reconcile the contentious draft, with Kyiv and its European partners seeking to protect Ukraine's long-term security interests and potentially revise the proposal.