Putin launches the financial challenge to the West. There Moscow Stock Exchange in fact it will stop using the dollar and the euro starting from June 13th. We read it in a press note from the organization, reported by various Russian media. “In the foreign exchange and precious metals market, trades are executed with all instruments, except currency pairs with the US dollar and the euro”.
Russia, Putin launches the financial challenge to the West, the Moscow Stock Exchange will no longer accept transactions in US dollars and euros
The decision was taken following US sanctions on 300 Russian companies. Russia’s response was therefore not long in coming, underlining through the spokesperson of the Russian Foreign Ministry, Maria Zakharova that “as always happens in such cases, Russia will not leave such aggressive actions unanswered.”
The Kremlin’s response to the USA
As is now known, in the new package of US sanctions, the Moscow Stock Exchange, the National Clearing Center and the National Settlement Depository, which act as intermediaries in dollar trading on the Russian foreign exchange market, were included in the new list. The Central Bank of the Russian Federation, in turn, announced that transactions with the dollar and the euro will continue to be carried out on the over-the-counter market. It’s about markets characterized by not having the requirements recognized for regulated markets and whose trading takes place outside the official stock exchange circuits.
To determine the official exchange rates of the US dollar and the euro against the ruble, the Bank of Russia will use bank reports and information received from digital over-the-counter trading platforms. Trading on all other stock exchange segments with rubles and other currencies will take place normally. “All US dollar and euro funds in the accounts and deposits of citizens and businesses remain safe,” the Bank said. In addition to the Moscow Stock Exchange, the new US sanctions list includes more than three hundred companies.
