Russian stock market suspends dollar trades after US sanctions

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Measures that target Russians' ability to buy and trade foreign currency typically provoke a strong reaction in Moscow.

Measures that target Russians' ability to buy and trade foreign currency typically provoke a strong reaction in Moscow.

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

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.

 

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