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Hit by new U.S. sanctions, Russia halts dollar and euro trade on main bourse
By Alexander Marrow and Mark Trevelyan
Reuters
via Yahoo News, Sunnyvale, California
Wednesday, June 12, 2024
New U.S. sanctions against Russia have forced an immediate suspension of trading in dollars and euros on its leading financial marketplace, the Moscow Exchange.
The exchange and the central bank rushed out statements today -- a public holiday in Russia -- within an hour of Washington announcing a new round of sanctions aimed at cutting the flow of money and goods to sustain Russia's war in Ukraine.
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"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.
The move means banks, companies, and investors will no longer be able to trade either currency via a central exchange, which offers advantages in terms of liquidity, clearing, and oversight.
Instead, they will have to trade over-the-counter, where deals are conducted directly between two parties. The central bank said it would use OTC data to set official exchange rates. ...
... For the remainder of the report:
https://finance.yahoo.com/news/moscow-exchange-stop-trading-dollars-153650237.html
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