Trading in dollars and euros ceases in Russia as US sanctions Moscow Exchange

The US Treasury Department has imposed sanctions on the Moscow Exchange, which has announced that trading in dollars and euros will cease on 13 June.

Source: US Department of Treasury, as reported by European Pravda

Details: According to the US Treasury Department, Russian ruler Vladimir Putin has approved measures to raise capital through the Moscow Exchange from both Russians and individuals from "friendly countries". 

This allows shareholders to "profit from the Kremlin’s war machine by making investments in Russian sovereign debt, Russian corporations, and leading Russian defence entities", the statement says.

The new US restrictions have also impacted the National Clearing Centre, a counterparty to all currency transactions on the Moscow Exchange; the National Settlement Depository, Russia's primary securities depository; and the insurance companies Sogaz and RNPK.

Following the introduction of the US sanctions, the Moscow Exchange announced that trading in dollars and euros would be suspended beginning 13 June, as well as any trading in instruments settled in dollars and euros.

The US Treasury also announced an expansion of the secondary sanctions mechanism against Russia, as well as sanctions against more than 90 foreign companies and individuals that help Moscow avoid sanctions.

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