Friday, July 19, 2024

Russia halts dollar and Euro trade on major exchange amid new US sanctions

Immigration News

Fidel Rahmati
Fidel Rahmati
Fidai Rahmati is the editor and content writer for Khaama Press. You may follow him at Twitter @FidelRahmati

Russia has suspended the exchange of euros and dollars on the Moscow Stock Exchange in response to new U.S. sanctions.

The United States imposed new sanctions on Wednesday against 300 Russian individuals and entities.

The Central Bank of Russia immediately responded to the U.S. sanctions by announcing that “all transactions with dollars and euros on the Moscow Stock Exchange have been suspended.”

According to Reuters, this means that companies, banks, and investors cannot trade in dollars and euros.

Due to the crisis in recent years, especially the Russia-Ukraine war, the value of the ruble has fallen, and many Russians keep part of their savings in euros and dollars.

In a statement, the Central Bank of Russia said: “Companies and individuals can continue to buy and sell dollars and euros through Russian banks. All funds in dollars and euros in the accounts and deposits of citizens and companies are safe.”

A Russian trader said, “It is practically impossible to get dollars and euros in Russia. But we do not care because we have the yuan.”

Following the suspension of dollar and euro transactions, the Russian currency’s value dropped further, with the Chinese yuan now the most traded foreign currency on the Moscow Stock Exchange.

In the ongoing Ukraine-Russia war, NATO’s increased military support for Ukraine has intensified the conflict, making a near-term resolution appear unlikely.

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