The move has been prompted by a new round of sanctions imposed by the US, the group has claimed
The Moscow Exchange (MOEX) suspended trading in dollars and euros on Wednesday, the move having been prompted by a new sanctions package unveiled by the US Treasury earlier in the day.
The suspension affects foreign and precious metals trade as well as stock and money trading on Russia’s largest public trading markets, MOEX noted in a statement. Except for dollars and euros, all other financial instruments remain operational. The derivatives market has also been unaffected by the changes, with trade going on as usual, MOEX noted.
Russia’s Central Bank elaborated on the matter in a separate statement, explaining that “transactions in the US dollar and euro will continue on the over-the-counter market.” To establish exchange rates, the Bank of Russia will be using “bank records and information from digital over-the-counter trading platforms,” the regulator added.
Earlier on Wednesday, the US Treasury Department rolled out a new package of restrictions against Russia, targeting the country’s “foundational financial infrastructure.” Announcing the package, Treasury Secretary Janet Yellen claimed Russia has fully transitioned into a “war economy” and is now “deeply isolated” from the international financial system.
“Today’s actions strike at their remaining avenues for international materials and equipment, including their reliance on critical supplies from third countries,” Yellen asserted.
Apart from the MOEX, the sanctions package targeted its two subsidiaries, namely the National Clearing Center (NCC) and the National Settlement Depository (NSD).
The suspension of dollar and euro trade on the platform, which has been booming lately, comes into effect on Thursday. The MOEX reported registering all-time high private investor activity back in February, with a total of 4.1 million individuals conducting transactions on the platform. Last month, the total trade volumes across the platform’s markets measured at 126.7 trillion rubles ($1.4 trillion) compared to 94.2 trillion ($1 trillion) during the same period a year ago.
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