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Moscow Exchange suspends Swiss franc trading after new sanctions
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(Reuters) – The Moscow Exchange said it would suspend trading of the Swiss franc against the rouble and the U.S. dollar from Tuesday after Switzerland adopted new EU sanctions against Russia.
(Reuters) – The Moscow Exchange said it would suspend trading of the Swiss franc against the rouble and the U.S. dollar from Tuesday after Switzerland adopted new EU sanctions against Russia.
The Moscow Exchange, Russia’s largest bourse, said it was having difficulty conducting transactions in the Swiss currency as a result of new trading restrictions imposed by Switzerland last week.
“The suspension of operations is due to difficulties conducting settlements in Swiss francs faced by market participants and the financial sector in connection with the restrictive measures imposed by Switzerland on June 10,” the Moscow Exchange said in a statement.
Switzerland, which is not a member of the European Union, updated its sanctions package last Friday to match the EU’s latest restrictions against businesses, banks and individuals from Russia and Belarus.
The West has imposed an unprecedented package of sanctions on Russia and triggered severe financial disruption inside the country in moves to punish Moscow for sending its army into Ukraine in what the Kremlin calls a “special military operation”.
Moscow Exchange said it was looking for a possible solution and hoped to find a way to resume trading Swiss francs in the future.
(Reporting by Reuters; editing by Andrew Heavens and Gareth Jones)
The Moscow Exchange is Russia's largest stock exchange, facilitating trading in various financial instruments, including stocks, bonds, and currencies.
EU sanctions are restrictive measures imposed by the European Union to influence or punish countries or individuals for specific actions, often related to international law or human rights.
Currency trading involves buying and selling currencies in the foreign exchange market to profit from changes in exchange rates.
The Swiss franc is the official currency of Switzerland and is known for its stability and safe-haven status in global finance.
A trading suspension is a temporary halt in trading activities for a specific security or currency, often due to regulatory or market conditions.
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