TEHRAN, June 13 (MNA) –  The Moscow Exchange (MOEX) has stopped trading in dollars and euros, a move prompted by a new round of US sanctions targeting Russia’s financial institutions.

According to the Russian media citing the MOEX on Thursday, the suspension has affected foreign and precious metals trade but “derivatives market remains unaffected, with trade going on as usual”.

Russia’s Central Bank elaborated on the matter in a separate statement, explaining that the official exchange rates for the two currencies will now rely on “bank records and information from digital over-the-counter trading".

Despite the suspension, companies and individuals have reportedly urged to continue buying and selling dollars and euros through Russian banks.

Earlier on Wednesday, the US Treasury Department rolled out a new package of restrictions against Russia over the Ukraine war, targeting Moscow Exchange Group and its clearing agents, the National Clearing Centre (NCC) and the National Settlement Depository (NSD).

US Treasury Secretary Janet Yellen claimed that Russia has fully transitioned into a “war economy” and is now “deeply isolated” from the international financial system.

Russian central bank, however, says the US move is aimed at disrupting the country’s financial mechanisms.


Original Article Source: Mehr News | Published on Thursday, 13 June 2024 10:06 (about 32 days ago)