Moscow Stock Exchange: Suspends Swiss franc trading due to country sanctions against Russia

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The Moscow Stock Exchange announced that it will suspend trading of the Swiss franc against the ruble from Tuesday, as Switzerland approved the new EU sanctions against Russia.

The Exchange announced that it is facing difficulties in trading in the Swiss currency, as a result of the new trading restrictions imposed by Switzerland last week.

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“The suspension of operations is due to the difficulties of settling in Swiss francs faced by market participants and the financial sector in relation to the restrictive measures imposed by Switzerland on June 10,” the Moscow Stock Exchange said in a statement.

Switzerland, which is not a member of the European Union, revised its sanctions package last Friday to include the latest EU restrictions on businesses, banks and individuals from Russia and Belarus.

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The West has imposed a huge package of sanctions on Russia and caused serious financial turmoil inside the country following Moscow’s punitive moves to invade Ukraine.

The Moscow Stock Exchange has announced that it is considering possible solutions and hopes to find a way to resume trading the Swiss francs in the future.

Source: Capital

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