In a significant move, the Moscow Exchange, Russia’s largest financial marketplace, is set to halt trading in dollars and euros following new sanctions imposed by the United States. The bourse, along with the country’s central bank, confirmed this development on Wednesday.

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Attributing the suspension to the “restrictive measures” imposed by the United States against the Moscow Exchange Group, the central bank declared that exchange trading and settlements in U.S. dollars and euros would be temporarily stopped. To establish official exchange rates for these currencies, the central bank will make use of over-the-counter trading data.

Despite it being a public holiday in Russia, the central bank promptly released a statement to assure the public that their dollar and euro bank deposits remain secure. Reiterating that companies and individuals can continue to conduct transactions involving U.S. dollars and euros through Russian banks, the bank emphasized the safety of funds in these currencies held by citizens and companies.

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The Moscow Exchange, known as the country’s premier bourse (stock market in a non-English speaking country), also conveyed that share trading and money market trades settled in dollars and euros would be discontinued as a result of the sanctions.

These measures come as part of the latest U.S. sanctions against Russia, which are aimed at impacting the financial sector and raising economic pressure on the country. The impact of these developments will be closely monitored as international tensions continue to shape the global economic landscape.

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