While Moscow has shut its stock market, trading has continued elsewhere in London and Europe, including on retail-exposed platforms like Lang & Schwarz (L&S) and Tradegate in Germany and eToro.

Depository receipts in Russian gas giant Gazprom were among the most briskly traded from Thursday to Tuesday on L&S and Tradegate, even as its share price has tumbled almost 80% over the last eight sessions.

The top trade was defence group Rheinmetall which soared on the prospect of a big boost to military spending in Germany, Europe's No.1 economy. Its shares have surged 50% in the past four sessions, but are down 10% from a peak on Monday.

Also a favourite this week with retail investors was security electronics firms Hensoldt, along with renewable-energy firms which look set to benefit from a global effort to reduce reliance on Russian gas.

Social trading brokerage eToro said retail investors have been net buyers through the heightened volatility seen this year and this attitude did not change significantly last week when Russia invaded Ukraine.

"This is consistent with our global investor survey that shows retail investors well diversified, comfortable with their investment plans, and not changing despite the higher risks," said eToro global market strategist Ben Laidler.

Gazprom shares saw a 2,201% increase in average opened positions from Thursday to Monday on eToro compared to the previous 12 months, even as the brokerage warned of intermittent trading and market disruptions on Russian stocks and other securities.

"Just bought in. It cant drop forever right?," said eToro user @gekooo from Finland, referring to a trade he made on Gazprom shares.

Gazprom is now the 140th most-held stock on eToro compared to the 185th a month ago.

Likewise, opened positions in Rheinmetall rocketed 3,519% over the same period, while those in wind turbine makers Nordex and Vestas Wind jumped 167% and 108% respectively.

(Reporting by Danilo Masoni; Editing by Bernadette Baum)

By Danilo Masoni