After the Treasury unveiled its latest sanction package against Russia, the Moscow Exchange (MOEX) reportedly suspended all trading in both dollars and euros, this marking the latest step towards de-dollarization.
In a statement, MOEX revealed that the suspension affects all foreign and precious metals trades as well as stock and money trades on Russia's largest public trading markets.
"Except for dollars and euros, all other financial instruments remain operational," RT reported about the change, noting that the derivatives market is unaffected by the changes with trade continuing as normal.
The Health Ranger issued a statement about the change as well, which you can read below from X:
BREAKING: #Russia just banned all trading in the #dollar and euro, across the Moscow exchange. The collapse of the #dollar and the rise of #BRICS currencies is happening faster than we even anticipated. Every time the incompetent fools in Washington D.C. apply more dollar…
— HealthRanger (@HealthRanger) June 12, 2024
(Related: Late last year, Russia officially called on all BRICS nations to ditch the U.S. dollar.)
Janet Yellen targeting Russia's "foundational financial infrastructure"
The Treasury's new package of restrictions against Russia explicitly targets the country's "foundational financial infrastructure." Yellen claims that Russia has fully transition into a "war economy" and is now "deeply isolated" from the international financial system.
"Today's actions strike at their remaining avenues for international materials and equipment, including their reliance on critical supplies from third countries," Yellen said.
Russia's Central Bank also commented on the matter, explaining that "transactions in the U.S. dollar and euro will continue on the over-the-counter market." Exchange rates will be calculated by the Bank of Russia using "bank records and information from digital over-the-counter trading platforms," it added.
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The U.S. sanctions package against Russia targets not only MOEX but also its two subsidiaries: the National Clearing Center (NCC) and the National Settlement Depository (NSD).
Back in February, MOEX reported registering all-time high private investor activity with a total of 4.1 million individuals conducting transactions on the platform. Last month, total trade volume across the platform's markets saw 126.7 trillion rubles ($1.4 trillion) compared to just 94.2 trillion rubles ($1 trillion) during the same time period in 2023.
Starting on Thursday, June 13, 2024, the dollar and euro suspension on MOEX will officially commence.
"Dependence on USD and euro will drastically be curtailed by this Russian move," wrote a commenter at RT about these latest developments. "The more sanctions are placed on Russia, the more the dollar becomes irrelevant."
"Suspending exchange trade in dollars and euro is long overdue," wrote another. "Investors have had ample time to transition away from fiat currency trading."
On X, someone responded to the Health Ranger's post about MOEX ridding itself of dollars and euros by stating that there is "no doubt these new sanctions will also backfire on the U.S., just like previous sanctions, and make Russia more independent and stronger than ever before."
"Everything is going as planned," wrote another. "Bye-bye Federal Reserve. Back to sound 'money' soon after the big shake-up. Hold tight!"
Another pointed out that the move came just one day after June 9, 2024, when the petrodollar oil contract with Saudi Arabia reportedly expired.
"This was inevitable," this person added. "All countries either have or will be done using the dollar for this and many other reasons."
Western powers are throwing everything they can at Russia to stop the inevitable, but it will never work. Learn more at Collapse.news.
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