Thu. Jul 18th, 2024

Moscow Exchange stopped trading in dollars and euros due to new sanctions

Natasha Kumar By Natasha Kumar Jun13,2024

Moscow Exchange has stopped trading in the dollar and euro due to new sanctions

Moscow Exchange has announced the cessation of trading dollar and euro due to the introduction of new sanctions by the US Treasury Department. Trading will be stopped from June 13, says the site’s website, Radio Liberty reports.

Trading will be stopped in financial instruments, shares, precious metals with settlements in these currencies.

On June 12, the Moscow Exchange, the National Clearing Center and the National Settlement Depository were included in the US Treasury Department's sanctions list, introduced due to the Russian invasion of Ukraine.

The Treasury Department's statement notes that the new sanctions are aimed against " architecture of the Russian financial system of Russia,” reoriented to promote investment in the defense industry.

Sanctions will lead to limiting the convertibility of the ruble, increasing the cost of withdrawing currency from Russia, and complicating the sale of currency at a favorable rate for Russian exporters, he told The Bell visiting researcher at CEPA Alexander Kolyandr.

The Russian Central Bank reported that transactions with the dollar and euro will be carried out at the over-the-counter level. The regulator will determine the official exchange rates to the ruble based on bank reporting data and information from digital over-the-counter trading platforms.

On Wednesday, several Russian banks raised the price for selling the dollar, as follows from monitoring data from the Banks.ru website. The maximum value in Moscow exchange offices is 200 rubles per dollar, the officially established rate of the Central Bank — a little more than 89 rubles.

Prepared by: Sergey Daga

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

Related Post