Russia Halts Trading of US Dollar and Euro on Exchange

Russia’s main exchange announced its intention to cease trading in the US dollar and euro, following the Biden administration’s unveiling of a set of sanctions over the Ukraine conflict. The United States had declared a package of sanctions targeting over 300 entities, including the Moscow Exchange, to increase pressure on foreign banks dealing with Russia.

In a statement, the exchange said, “Regarding trading in Moscow Exchange markets, in connection with the introduction of restrictive measures by the United States against the Moscow Exchange Group, effective from June 13, 2024, trading on Moscow Exchange markets will be conducted in accordance with current regulations. In the foreign exchange market and precious metals market, trading will be conducted for all instruments except currency pairs with the US dollar and euro.”

The statement further added, “In the stock and financial markets, and the unified derivatives market, trading will be conducted for all instruments except those settled in US dollars and euros; in the derivatives market, trading will proceed as usual.”