Moscow Exchange Halts Dollar and Euro Trading After US Sanctions
The Moscow Exchange suspended trading in US dollars and euros on June 13th, citing new sanctions imposed by the United States.
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The Moscow Exchange suspended trading in US dollars and euros on June 13th, citing new sanctions imposed by the United States. The sanctions targeted the Moscow Exchange Group (MOEX), which operates Russia's largest stock exchange.
The US Treasury Department announced the sanctions on June 12th, aiming to restrict Russia's access to financial resources in response to the ongoing war in Ukraine. The sanctions specifically targeted MOEX, hindering its ability to facilitate transactions in US dollars and euros.
In a statement, the Moscow Exchange said, "Due to the introduction of restrictive measures by the United States against the Moscow Exchange Group... trading on the Moscow Exchange markets will be conducted... with the exception of instruments with settlements in US dollars and euros."
The exchange emphasized its commitment to providing access to other trading segments despite the challenges posed by the sanctions.
The suspension of dollar and euro trading is expected to have a significant impact on the Russian financial market. The US dollar and euro are widely used currencies in international trade, and their absence on the Moscow Exchange will make it more difficult for Russian businesses to conduct foreign transactions.
The Russian Central Bank also responded to the sanctions by suspending morning trading on the Moscow Exchange's foreign exchange, precious metals, and derivatives markets starting June 14th.
