Moscow exchange appends interchange in dollars, euro
Date
6/13/2024 7:16:37 AM
(MENAFN) On Wednesday, the Moscow Exchange (MOEX) made a significant move to suspend trading in United States dollars and euros, citing the impact of new sanctions imposed by the United States Treasury earlier in the day. The suspension affects transactions in foreign and precious metals, as well as stock and money markets across Russia's largest public trading platform, MOEX confirmed in an official statement. Notably, all other financial instruments remain operational, and the derivatives market continues to operate without disruption.
In response to the sanctions, Russia's Central bank issued a separate statement clarifying that trading in United States dollars and euros will continue through over-the-counter (OTC) markets. The Central Bank emphasized its role in establishing exchange rates using data sourced from bank records and digital OTC trading platforms. This adjustment aims to ensure continuity in foreign currency transactions despite the suspension on the Moscow Exchange.
The United States Treasury Department's latest sanctions package targets what it describes as Russia's "foundational financial infrastructure." Treasury Secretary Janet Yellen asserted that these measures are intended to limit Russia's access to critical international supplies, marking a significant escalation in efforts to isolate Russia from the global financial system. The sanctions not only impact MOEX but also extend to its subsidiaries, namely the National Clearing Center (NCC) and the National Settlement Depository (NSD).
The developments highlight ongoing tensions between Russia and Western powers, with economic measures intensifying amid geopolitical challenges. The suspension of dollar and euro trading on MOEX underscores the economic ramifications of international sanctions and reflects Russia's strategic adjustments in response to heightened financial pressures from abroad.
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