Economy

Trading in the dollar and euro has been suspended in Russia

The Moscow Exchange has announced that it will suspend trading in dollars and euros starting from 13 June. This was reported by "Komersant Ukrainian" reports with reference to Russian media.

This decision was made after the US Treasury Department imposed new sanctions on Russian financial institutions – the Moscow Exchange itself, the National Clearing Centre and the National Depository.

The sanctions were imposed in response to Russia’s invasion of Ukraine and are aimed at undermining the Russian financial system, which is focused on supporting the defence industry.

Trading in all financial instruments, stocks and precious metals on the Moscow Exchange will be suspended if they are settled in dollars or euros. This decision will limit the convertibility of the Russian ruble, making it more difficult for residents to withdraw currency from Russia and for Russian exporters to sell foreign currency at favourable rates. According to experts, such sanctions will deal a serious blow to the Russian financial system and its ability to finance the war effort.

Earlier, Putin approved a number of measures to increase foreign exchange raising through the exchange. This, in turn, allowed foreigners to profit from investments in the Russian military machine, state-owned corporations, etc.

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