13 Jun 2024 10:02

U.S. sanctions Moscow Exchange, NCC, NSD

MOSCOW. June 13 (Interfax) - The United States Treasury's Office of Foreign Assets Control (OFAC) responsible for enforcement of sanctions has placed Russia's Moscow Exchange , National Clearing Center (NCC) and National Settlement Depositary (NSD) on the sanctions list, the Department said in a statement on June 12.

OFAC also issued a license for operations with the MOEX, NCC and NSD to be over by August 13. Another license sets the same deadline for withdrawal from their securities.

Dollar and euro trade will be discontinued from June 13 due to the U.S. sanctions, Moscow Exchange said.

Last December the head of Russia's Central Bank, Elvira Nabiullina said that the OTC market accounted for over half all forex trading in Russia, and if sanctions made such trade technically impossible, the ruble rate would remain largely unaffected. "As for our exchange rate-setting, being aware of all sorts of risks from sanctions, we issued guidelines as far back as last year explaining how the rate would then be determined. It will be set on the basis of OTC trade data, and include the use of bank statements," Nabiullina said in an interview.