A new round of US sanctions targeting Russia’s Moscow Exchange (MOEX), National Clearing Centre and National Settlement Depository will further undermine the dollar’s role, Sputnik’s pundits say.
The US Treasury introduced a new round of sanctions against the Moscow Exchange (MOEX), the National Clearing Center (NCC) and the National Settlement Depository (NSD) on June 12 in a bid to shatter “the architecture of Russia’s financial system”. The US government issued licenses to wind down operations with the MOEX, NSD and NCC until August 13, 2024. The UK followed suit on June 13.In the wake of the US Treasury move, the Russian Central Bank announced that exchange trading and settlements of deliverable instruments in US dollars and euros were to be suspended, adding that these operations would be continued “over-the-counter (OTC)”, i.e. directly between Russian banks and their customers. The bank clarified to Russians that their foreign currency deposits remain secure despite sanctions.
