Make Kitco Your Homepage

Moscow Exchange to ban use of dollars as collateral from Aug. 29

Kitco News

Aug 22 (Reuters) - The Moscow Exchange (MOEX.MM) will ban the use of dollars as collateral to underwrite transactions, it said on Monday, as Russia seeks to cut dependence on currencies of nations that have imposed sanctions on it.

A statement posted on the exchange's website said the new policy would come into effect on Aug. 29. It gave no details.

Earlier this month the exchange - the country's largest bourse - said it would limit the use of dollars as collateral to 25% from 50%. read more

Russian authorities have voiced concerns about individual and corporate holdings of currencies that it terms "unfriendly", calling for their conversion into alternatives. read more

The United States and its allies have imposed several rounds of sanctions, including those targeting the country's largest lenders and Putin, since Russian forces invaded Ukraine in February.

Reporting by David Ljunggren; Editing by Jan Harvey
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.