12 JUNE 2024
The announcement of US sanctions against the Moscow Exchange and its subsidiaries, the Russian National Clearing Centre (NCC) and the National Settlement Depository, has affected the Russian foreign exchange market.
This is confirmed by data from the Russian website banki.ru.
The cash buying rate for dollars and euros at branches of many Moscow banks has risen sharply. As of 21:30, the maximum value of orders for the purchase was 120 roubles per dollar and 125 roubles per euro. In some banks, the US dollar exchange rate reached 200 roubles at one point.
It should be noted that the official dollar exchange rate, according to the Central Bank of the Russian Federation, is 89.02 roubles and 95.74 roubles for the euro. These currencies were traded at roughly the same level on the Moscow Exchange on 11 June, the last day of trading (12 June is a public holiday in Russia).
Starting 13 June, Moscow Exchange will no longer conduct trading in dollars, euros, and all other instruments pegged to one of these currencies. It should be noted that transactions in these two currencies accounted for more than 50% of all trading on the exchange in May.
The Russian Central Bank said that all transactions in dollars and euros would be conducted on the over-the-counter market.
“It will be like in 1995-1996 before electronic currency trading was launched on the MICEX (former name of the Moscow Exchange). It will be a pretty big setback,” Igor Marich, a member of the Moscow Exchange’s board, said in late 2023 about the consequences of the Western sanctions.
Background: On 12 June, the United States announced the expansion of the sanctions list against Russia, adding more than 30 individuals and more than 200 legal entities.
“Treasury is targeting the architecture of Russia’s financial system, which has been reoriented to facilitate investment into its defense industry and acquisition of goods needed to further its aggression against Ukraine,” the US Treasury said.
Support UP or become our patron!
https://www.pravda.com.ua/eng/news/2024/06/12/7460508
“The cash buying rate for dollars and euros at branches of many Moscow banks has risen sharply. As of 21:30, the maximum value of orders for the purchase was 120 roubles per dollar and 125 roubles per euro. In some banks, the US dollar exchange rate reached 200 roubles at one point.”
And compare this to the “official” rate of 89 to the dollar.
The muscovy fascist is gambling away everything in mafia land for the sake of his illegal war. He’s willing to burn his entire army, navy and air force, all the meat puppets, his independence from china, his economy, his currency, the future of the country … simply everything is shoveled into the furnace to help keep the blaze alive that represents his sick dreams.
And to think the ruble was 32 for a dollar before the Maidan. Gosh, putin’s fascism is expensive but the ruzzian people want more and more pain, it is considered patriotism in Moskovia.
And to think if there were real leaders in the collective West, the ruble would be worth less than Monopoly money and this last year already.