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Russia’s stock exchange, the Moscow Exchange (MOEX), has stopped all trading in US dollars and euros. The decision follows a new round of sanctions imposed by the US Treasury Department on Russia. The exchange also confirmed that share trading and money market transactions in these currencies would be permanently halted. Also Read: Russia is planning to cripple Europe’s economy The US Treasury sanctioned over 300 entities, aiming to disrupt Russia’s financial infrastructure. These new sanctions are part of a broader strategy to apply pressure on the BRICS nation, which has been moving towards de-dollarizing its economy. MOEX had previously warned that it would halt foreign currency trading if new sanctions were imposed. Today, it has fulfilled that promise. Russian banks no longer trade in dollars or euros Russia’s Central Bank issued a statement ensuring that all US dollar and euro funds are “safe.” They stressed that this decision directly results from the restrictive measures introduced by the US. US Treasury Secretary Janet Yellen explained that the sanctions target “remaining avenues for international materials and equipment,” including Russia’s reliance on critical supplies from third countries. According to the Treasury, sanctions on other countries are on the way. “Due to the introduction of restrictive measures by the United States against the Moscow Exchange Group, exchange trading and settlements of deliverable instruments in U.S. dollars and euros are suspended.” Central Bank of the Russian Federation Description Janet Yellen. Source: Yale University This move means that banks, companies, and investors can no longer trade these currencies through a central exchange, which offers liquidity, clearing, and oversight benefits. Instead, they must trade over-the-counter (OTC), where deals are made directly between two parties. The central bank said it would use OTC data to set official exchange rates. Yuan becomes the most-traded currency in Russia Many Russians…

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Filed under: News - @ June 13, 2024 1:12 am