Moscow Exchange to Stop Trading Dollars Following Latest US Sanctions

(Patria) - Leading Russian financial market, the Moscow Exchange, announced it will halt trading in dollars and euros in response to a new round of sanctions imposed by the United States on Wednesday, agencies reported.

The exchange announced it will cease trading shares and money market instruments in dollars and euros. The US Treasury Department announced new sanctions against more than 300 entities and individuals aimed at cutting off Russia's access to products and services needed to sustain military production for its war in Ukraine, including dozens of Chinese suppliers.

“Today’s actions target their remaining pathways for international materials and equipment, including their reliance on critical third-country supplies,” said Treasury Secretary

Janet Yellen. More than 300 targets are on the list, including the Moscow Exchange. US officials have expressed growing concern about Russia's ability to procure advanced semiconductors, optical equipment, and other goods needed to produce advanced weapons systems
despite previous sanctions.

The sanctions target third-party firms and entities, including dozens of electronics suppliers in China. The action stops short of imposing secondary sanctions on banks in China and other countries where the Treasury Department has warned that dealings with Russian entities could cut off institutions from dollar access.

However, the Treasury Department said it is modifying sanctions for previously targeted Russian banks, including VTB and Sberbank, to include branches and subsidiaries in China, India, Hong Kong, Kyrgyzstan, and other locations.