Moscow stock exchange stops trading in dollars and euros

Moscow stock exchange stops trading in dollars and euros

The Moscow stock exchange announced on Wednesday that it will stop trading dollars and euros from Thursday, June 13.

The announcement came on the same day the United States introduced a new package of sanctions against Russia.

Wednesday's package targeted Russia's financial infrastructure in an attempt to limit the amount of money flowing in and out of Russia.

The Moscow Exchange, the National Clearing Centre and the National Settlement Depository, which act as intermediaries in dollar trading on the Russian foreign exchange market, were included in the new sanctions list.

The sanctions come as G7 leaders are preparing to gather soon in Italy for a summit where the top priorities will be boosting support for Ukraine and grinding down Russia’s war machine.

The Central Bank of the Russian Federation also announced that transactions using the dollar and euro will continue to be made on the over-the-counter market.

The US has sanctioned more than 4,000 Russian businesses and individuals since the war began, in an effort to choke off the flow of money and armaments to Moscow.