EconomyLens.com
No Result
View All Result
Tuesday, June 17, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Markets

Russian stock market suspends dollar trades after US sanctions

Natalie Fisher by Natalie Fisher
June 13, 2024
in Markets
Reading Time: 6 mins read
A A
1
28
SHARES
355
VIEWS
Share on FacebookShare on Twitter

Washington sanctioned Moscow Exchange, Russia's main stock market and clearing house for foreign currency transactions, a major new financial punishment. ©AFP

Moscow (AFP) – Russia’s main stock exchange halted dollar and euro trades on Thursday after the United States hit Moscow with a new package of sanctions over its military offensive in Ukraine.

Related

Oil prices fall even as Israel-Iran strikes extend into fourth day

Oil prices fall even as Israel-Iran strikes extend into fourth day

Oil prices rise further as Israel-Iran extends into fourth day

Dollar dives on Trump’s new trade threat

Shares stumble after Trump’s latest trade threat

Washington announced Wednesday it was sanctioning Moscow Exchange, Russia’s main stock market and clearing house for foreign currency transactions, a major new financial punishment.

“Due to the introduction of restrictive measures by the United States against the Moscow Exchange Group, exchange trading and settlement of instruments in US dollars and euros will be suspended,” Russia’s central bank said in a statement Wednesday evening.

Britain announced Thursday its own sanctions targeting the Moscow stock exchange, saying the action was taken in coordination with the United States.

Measures that target Russians’ ability to buy and trade foreign currency typically provoke a strong reaction in Moscow and throughout Russian society.

The exchange rate is seen as a key indicator of the health of the Russian economy.

Scarred by several bouts of devaluation in the three decades since the fall of the Soviet Union, many Russians prefer to save in Western currencies, often selling rubles in times of economic crisis.

During the Soviet Union, there was a thriving black market for currencies with prices far detached from the official state exchange rate.

Both the central bank and the Kremlin have sought to calm nerves.

“Companies and individuals may continue to buy and sell US dollars and euros through Russian banks. All funds held in US dollars in accounts remain safe,” the bank said Wednesday.

And on Thursday, Kremlin spokesman Dmitry Peskov said the regulator was “ensuring stability in all markets,” state media reported.

Russians will still be able to trade in dollars and euros outside of the centralised Moscow Exchange — something which could limit liquidity and lead to higher volatility.

Many Russian companies and banks had already reduced their reliance on Western currencies in the two years since Moscow ordered troops into Ukraine, with the Chinese yuan accounting for the majority of foreign currency trades on Moscow Exchange.

Several banks had spreads — the difference between the price at which they offer to buy and sell currency — of between three to 10 rubles on Thursday, a typical rate.

A few had immediately hiked their exchange rates to as high as 200 rubles per dollar after the sanctions were introduced.

Russia’s central bank had fixed the exchange rate at 89 rubles to the dollar on Wednesday, before the sanctions were announced.

Peskov on Thursday said Russia was “thinking over” possible retaliatory measures.

© 2024 AFP

Tags: economyRussiasanctions
Share11Tweet7Share2Pin3Send
Previous Post

Stocks diverge after US Fed rate cut plans

Next Post

G7 leaders reach ‘political deal’ on new Ukraine funds: US

Natalie Fisher

Natalie Fisher

Related Posts

Markets

EU crypto regulation hampered by national flaws

June 12, 2025
Markets

Asian shares stumble after Trump’s latest trade threat

June 12, 2025
Markets

Wall Street climbs on easing US-China tensions, cool US inflation

June 11, 2025
Markets

Stocks rise after China-US framework on trade

June 11, 2025
Markets

Global stocks mixed as markets eye US-China trade talks

June 10, 2025
Markets

Stocks diverge awaiting China-US trade talks

June 9, 2025
Next Post

G7 leaders reach 'political deal' on new Ukraine funds: US

Russians shrug off sanctions on dollar, euro trading

Stocks fall after US Fed rate cut plans

Kenya eyes budget deficit with new tax hikes

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

Spain says ‘overvoltage’ caused huge April blackout

June 17, 2025

Swiss insurers estimate glacier damage at $393 mn

June 17, 2025

Brazil sells rights to oil blocks near Amazon river mouth

June 17, 2025

Trump says EU not offering ‘fair deal’ on trade

June 17, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.