The Moscow Stock Exchange blocks buying and selling in {dollars} and euros. Response to Western sanctions | EUROtoday

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“Russia will not leave such aggressive actions unanswered,” assured Maria Zakharova, spokeswoman for the Russian Foreign Ministry, commenting on the brand new spherical of American sanctions introduced yesterday. But within the meantime it’s Moscow that’s compelled to take motion: within the checklist of 30 people and 200 organizations included within the US Treasury's “black list” there may be additionally the Moscow Stock Exchange, the primary within the nation. On the day of the Russian National Day, the Central Bank instantly introduced that beginning immediately, June 13, “exchanges and transactions in dollars and euros are suspended, due to the introduction of restrictive measures by the United States”.

Bank Rossii introduced that it’s going to now depend on “over-the-counter” buying and selling to determine the official change charge of the ruble with the euro and greenback, and reassured holders of financial institution deposits: Russian banks will proceed to hold out purchases and gross sales within the two currencies. “All dollar and euro funds in the accounts and deposits of citizens and businesses are safe,” the Central Bank defined.

On the eve of the G7 which can research tips on how to allocate to Ukraine the returns of the Russian Central Bank's reserves blocked in Europe and the United States, the US Treasury Secretary, Janet Yellen, defined yesterday that the brand new spherical of sanctions goals to complicate the execution of transactions that exploit the channels remaining in Moscow to promote uncooked supplies and provide supplies and gear. “We are raising the level of risks assumed by financial institutions dealing with the Russian war economy,” Yellen mentioned, “reducing Moscow's ability to access foreign technologies, equipment, software and IT services.”

Anticipating the chance that the sanctions would make change operations on the inventory change technically not possible, the president of the Central Bank Elvira Nabiullina had clarified in December that the eventuality wouldn’t have an extreme affect on the value of the ruble: greater than half of the exchanges in forex happen outdoors the official market. The greenback, furthermore, now not performs the function it as soon as performed on the Russian forex market: if at the start of 2022, earlier than the conflict, dollar-ruble trades concerned 78% of transactions on the Moscow Stock Exchange, that proportion had dropped to 32% on the finish of final yr. For the advantage of the Chinese yuan.

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After the commitments made on the Conference for the reconstruction of Ukraine which ended yesterday in Berlin, and whereas awaiting these of the G7 beginning immediately in Puglia, Ukrainian President Volodymyr Zelensky obtained one other piece of fine information yesterday throughout his go to in Budapest by Jens Stoltenberg, secretary normal of NATO. Which obtained from Hungarian Prime Minister Viktor Orban a dedication to not block the following selections of the Atlantic Alliance in assist of Ukraine, “despite the fact that they differ – said Orban in the press conference – from our rational assessment of the situation”. Leader of the European nation that has remained most in tune with Russia, Orban mentioned he had obtained assurance from Stoltenberg that Hungary might proceed to refuse to ship weapons, not to mention males, to Ukraine.