New U.S. sanctions against Russia will halt trading in dollars and euros on the Moscow Exchange, the country’s leading financial marketplace, according to announcements from the exchange and the central bank on Wednesday.
The central bank stated, “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.” It will now use over-the-counter trading data to set official exchange rates for the dollar and euro.
Despite a public holiday in Russia, the central bank reassured the public that their dollar and euro bank deposits were secure, stating, “Companies and individuals can continue to buy and sell U.S. dollars and euros through Russian banks. All funds in U.S. dollars and euros in the accounts and deposits of citizens and companies remain safe.”
The Moscow Exchange confirmed that share trading and money market trades settled in dollars and euros would be discontinued.
