Moscow Exchange Futures: Available Contracts & Trading Guide

Trading Moscow Exchange futures offers access to a broad range of commodities, currencies, and equity indexes in a rapidly changing geopolitical landscape. Whether you are an institutional player or an advanced retail investor, understanding contract availability, margin requirements, and sanctions impact is essential before entering the Russian derivatives market.

What Futures Contracts Are Currently Available on the Moscow Exchange?

Equity Index Futures: What Indexes Can You Trade?

MOEX offers derivatives linked to its major equity benchmarks, primarily the MOEX Russia Index (IMOEX) and the RTS Index. These cash-settled contracts allow traders to speculate on the broader Russian equity market without buying individual shares.

While traditional retail investors might search for the best undervalued stocks to buy now or the best dividend stocks to buy now, index futures provide highly leveraged, macro-level exposure. Sector-specific index futures are also available, letting traders target industries like energy or financials. This is particularly useful for those who want broad sector exposure rather than trying to pick the best growth stocks to buy now.

Currency Futures: The Shift to Yuan (CNY) and CBR-Settled USD/EUR Contracts

Currency derivatives are a cornerstone of MOEX. However, the trading landscape has fundamentally shifted toward the Chinese Yuan (CNY/RUB) due to recent geopolitical changes. Yuan-ruble futures are now among the most liquid contracts on the entire exchange.

For Western currencies, the market has forcefully adapted. Following the June 2024 OFAC sanctions, direct spot trading of USD and EUR was suspended. Consequently, USD/RUB and EUR/RUB futures are now cash-settled based on the official daily exchange rates published by the Central Bank of Russia (CBR), rather than open market spot rates.

Commodity Futures: Oil, Gold, and Other Markets

Commodity contracts are highly popular on MOEX, reflecting Russia’s status as a major global exporter. Traders have direct access to futures on Brent crude oil, natural gas, and precious metals like gold and silver.

Recently, MOEX has also expanded its offerings to include cash-settled cryptocurrency futures. Since 2025, qualified investors can trade contracts benchmarked to US-listed Bitcoin and Ethereum ETFs. The exchange is also preparing to introduce new indices and futures tracking Solana, Ripple, and Tron by 2026.

How Have the 2024 OFAC Sanctions on MOEX Affected Contract Availability?

On June 12, 2024, the US Office of Foreign Assets Control (OFAC) added MOEX, the National Clearing Center (NCC), and the National Settlement Depository (NSD) to its Specially Designated Nationals (SDN) list. This action immediately halted direct USD and EUR spot trading across the exchange.

While ruble-denominated assets and domestic futures continue to trade normally, the sanctions severely restrict international participation. Non-Russian entities with US or European ties are effectively blocked from interacting with the exchange's clearing infrastructure due to secondary sanction risks.

How Does MOEX Futures Trading Actually Work?

Trading Hours, Lot Sizes, and Margin Requirements

MOEX operates an extended trading day for derivatives to accommodate various time zones and international news cycles. The futures market generally runs 15 hours a day, beginning with a morning session at 8:50 AM Moscow Standard Time (MSK) and closing late at 11:50 PM MSK.

Like most global exchanges, MOEX requires traders to post an initial margin to open a position, which varies based on the contract's historical volatility.

How Settlement Works: Cash vs. Physical Delivery

Futures on MOEX are divided into cash-settled and physically delivered contracts. Index futures, currency futures, and the newly introduced crypto futures are entirely cash-settled. Upon expiration, the clearinghouse simply debits or credits the trader's account based on the final settlement price.

Physical delivery is generally reserved for specific single-stock futures and select commodities. However, active speculators usually close their positions well before expiration to avoid the logistical complexities of physical delivery.

Where Do You Access MOEX Futures — Brokers and Platforms?

Accessing the exchange requires a brokerage account with direct MOEX connectivity. Domestic Russian banks and brokers, such as Sberbank, VTB, and BCS, act as the primary gateways for investors.

Many retail traders start by searching for the best stocks to buy now for beginners or the best cheap stocks to buy now. Once they build a solid base equity portfolio, they often graduate to complex derivatives setups via specialized domestic software platforms like QUIK.

What Are the Real Costs of Trading Moscow Exchange Futures?

Exchange Fees and Brokerage Commissions

Derivatives trading on MOEX is known for being highly cost-effective compared to spot equity trading. The exchange charges a small fixed fee per contract, which varies slightly depending on the specific asset class.

Brokers typically add their own commissions, structured either as a flat fee per contract or a tiny percentage of the notional value. Because there are no depository fees for holding futures, active traders strongly prefer them over outright stock purchases when seeking leveraged exposure.

Margin and Overnight Financing Costs

Unlike holding leveraged CFD (Contract for Difference) positions, futures do not incur daily overnight financing charges or interest fees. The price of the futures contract inherently prices in the cost of carry, meaning the time value of money is already embedded in the quoted price.

However, traders must maintain sufficient variation margin in their accounts at all times. If a position moves against the trader and funds dip below the required maintenance threshold, the broker will trigger an immediate margin call.

Who Can Actually Trade MOEX Futures Right Now?

Are Non-Russian Traders Still Able to Access MOEX?

Yes, but access is highly fragmented based on geopolitical lines. In 2022, Russia allowed non-resident clients from "friendly" jurisdictions to return to the derivatives market, allowing them to trade standard contracts anonymously.

Furthermore, the Russian Ministry of Finance introduced specialized "Type In" accounts to attract fresh foreign capital. These accounts offer specific guarantees for new investments, theoretically allowing funds to be legally moved abroad later.

What Restrictions Apply to Residents of "Unfriendly" Countries?

Traders from jurisdictions that Russia deems "unfriendly" (including the US, UK, and EU countries) face severe restrictions and are entirely banned from making standard derivatives transactions.

Additionally, US and EU citizens are legally prohibited by their own governments' sanctions—such as the expansive 2024 OFAC rules—from engaging in any business with MOEX. For Western retail investors, researching the top 10 stocks to buy now in their own domestic markets remains the only legally compliant alternative.

FAQs about moscow exchange futures

Can foreign investors trade futures on the Moscow Exchange?

Investors from "friendly" countries can trade derivatives freely using specialized brokerage accounts. However, residents of "unfriendly" nations face strict trading bans from both Russian regulators and domestic Western sanctions.

What are the margin requirements for trading Moscow Exchange futures?

Initial margin requirements typically range from 8% to 15% of the contract's notional value depending on historical volatility. The exchange adjusts these rates dynamically during periods of high market stress to protect clearinghouse stability.

What is the Moscow Exchange?

The Moscow Exchange (MOEX) is the largest financial exchange in Russia that facilitates the trading of equities, bonds, derivatives, and currencies. It operates a centralized clearing system managed by the National Clearing Center.

What types of assets are available as futures on the Moscow Exchange?

Traders can access futures based on Russian equity indexes, single stocks, global commodities, and major currency pairs. The exchange also recently introduced cash-settled futures linked to digital assets like Bitcoin and Ethereum.

Conclusion

Navigating Moscow Exchange futures requires a deep understanding of current geopolitical realities, strict sanctions, and market mechanics. While the landscape has shifted heavily toward domestic and friendly jurisdiction participants, the exchange remains a highly liquid venue for commodities, index, and currency derivatives within the Russian financial system.