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On Wednesday, the Moscow Exchange (MOEX) announced the suspension of trading in US dollars and euros, citing the recent sanctions unveiled by the US Treasury earlier that day as the reason behind the decision.
According to a statement from MOEX, the suspension affects trading in foreign and precious metals, as well as stock and currency trading on Russia's largest public trading platforms. However, all other financial instruments remain operational, and the derivatives market continues unaffected, with trading proceeding as usual, MOEX clarified.
Russia's Central Bank provided further details in a separate statement, indicating that transactions in US dollars and euros will persist in the over-the-counter market. The Bank of Russia will determine exchange rates using bank records and data from digital over-the-counter trading platforms, the regulator added.
The US Treasury Department's latest round of restrictions, announced earlier on Wednesday, specifically targets Russia's "foundational financial infrastructure." Treasury Secretary Janet Yellen emphasized that Russia has shifted entirely to a "war economy" and is now significantly isolated from the international financial system. Yellen asserted that these actions are aimed at cutting off remaining channels for Russia's procurement of international materials and equipment, including its dependence on critical supplies from third countries.
In addition to MOEX, the sanctions package also includes its two subsidiaries, the National Clearing Center (NCC) and the National Settlement Depository (NSD).
The suspension of dollar and euro trading on MOEX, which has experienced significant growth recently, will take effect on Thursday. MOEX reported record-high activity among private investors in February, with a total of 4.1 million individuals conducting transactions on the platform. Last month, total trade volumes across MOEX's markets reached 126.7 trillion rubles ($1.4 trillion), compared to 94.2 trillion ($1 trillion) during the same period the previous year.
