Russia’s stock market will gradually resume trading on Monday after three weeks of suspending most transactions, the country’s central bank governor said on Friday.

The stock section of the Moscow Exchange (MOEX) will restart trading in federal government bonds, Elvira Nabiullina said in a press conference after the Bank of Russia kept its key interest rate unchanged at 20%.

"To prevent excessive volatility and ensure a balanced liquidity position in this segment at the stage of the reopening, the Bank of Russia will purchase federal government bonds," Nabiullina said, according to a statement released by the Bank of Russia.

"These purchases will be made in the amounts needed to prevent risks to financial stability," she added.

Nabiullina said the central bank plans to sell the entire portfolio of these bonds in order to neutralize the impact on monetary policy after financial markets stabilizes.

MOEX plummeted a whopping 33.3% on Feb. 24 when Russia launched a war on Ukraine.

On Feb. 28, trading was suspended until further notice./aa