28 Sep 2022 13:48

CBR understands how to calculate rate in event of sanctions against NCC and absence of exchange settlements in dollars

MOSCOW. Sept 28 (Interfax) - The Central Bank of Russia (CBR) and market participants have prepared action plans in case the National Clearing Center (NCC, part of Moscow Exchange Group ) comes under U.S. sanctions and possible termination of exchange dollar settlements, head of the Financial Stability Department of the Central Bank of Russia Elizaveta Danilova told reporters.

"We always have these risks in our work, we understand that they are always discussed, so the NCC also has plans, we have plans, the banks have plans on how to act in this situation. If exchange dollar settlements will not be possible, we have our own plans for this case, how to calculate the rate and so on," said Danilova on the sidelines of the Treasury banking forum.

The United States has not yet imposed sanctions against Moscow Exchange Group organizations - only personal sanctions against its former and current top management. In the EU, sanctions against Russia's National Settlement Depository (NSD) have been in effect since early June.