U.S. Sanctions Halt Dollar and Euro Trading on Moscow Exchange

New U.S. sanctions have led to the suspension of trading in dollars and euros on Moscow's leading financial marketplace. The central bank assured the public that dollar and euro deposits would remain safe, and official exchange rates would be set using over-the-counter trading data.

Reuters | Updated: 12-06-2024 21:21 IST | Created: 12-06-2024 21:21 IST
U.S. Sanctions Halt Dollar and Euro Trading on Moscow Exchange
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(Adds central bank statement) MOSCOW, June 12 (Reuters) -

New U.S. sanctions against Russia will shut down trading in dollars and euros on its leading financial marketplace, the Moscow Exchange, the bourse and the central bank said on Wednesday. "Due to the introduction of restrictive measures by the United States against the Moscow Exchange Group, exchange trading and settlements of deliverable instruments in U.S. dollars and euros are suspended," the central bank said.

It added that it would use over-the-counter trading data to set official exchange rates for the dollar and euro. The bank rushed out a statement, despite a public holiday in Russia, to reassure people that their dollar and euro bank deposits were secure.

"Companies and individuals can continue to buy and sell U.S. dollars and euros through Russian banks. All funds in U.S. dollars and euros in the accounts and deposits of citizens and companies remain safe," it said. The Moscow Exchange, Russia's biggest bourse, also said share trading and money market trades settled in dollars and euros would cease.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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