The top manager of VTB explained the sell-offs in the stock market.

      July 3, 2026 18:01 Economy At the Financial Congress, Dmitry Pyanov, the first deputy president and chairman of the VTB Management Board, named the main reason for the prolonged correction of the Russian stock market as the revision of long-term expectations for the key rate, rather than the modest step of its reduction itself. According to the top manager, the key benchmark for the stock market is the forecast for the long-term risk-free rate: the lower it is, the higher the quotes. That is why the signal from the Bank of Russia that the medium-term forecast for the key rate will be raised at the next key meeting exerted significantly more pressure on the market than the fact of a reduction by 0.25 percentage points instead of the expected 0.5 percentage points. "Communication about a higher trajectory for the key rate in the future is much more important," emphasized Pyanov. He named the structural feature of the Russian stock market—its retail nature—as the second factor of increased volatility. According to Pyanov, a significant share of participants trades with leverage, so when quotes move, margin calls inevitably trigger, provoking a wave of panic selling and further rocking the market. NIA "Nizhny Novgorod" has channels on Telegram and MAX. Subscribe to stay updated on major events, exclusive materials, and operational information. Copyright © 1999—2025 NIA "Nizhny Novgorod". When reprinting, a hyperlink to NIA "Nizhny Novgorod" is mandatory. This resource may contain materials 18+