Moscow exchange stopped trading in the Swiss franc due to sanctions

Earlier, Switzerland joined the sixth EU sanctions package. it provides, inter alia, restrictions against the National Settlement Depository,

The Moscow Exchange has been suspending trading in Swiss francs since June 14, according to a message on the exchange's website. The suspension of operations is due to "difficulties in making settlements in the Swiss franc", which is associated with the sanctions imposed by Switzerland on June 10.

“The restrictions will affect spot and swap instruments for the Swiss franc - Russian ruble and US DOLLAR  - Swiss franc currency pairs in exchange and over-the-counter modes,” the organization said.

Previously concluded transactions will be completed, however, the term for crediting Swiss francs to clients' accounts may be extended. Moscow Exchange also noted that it is working with correspondent banks to resume trading.

On June 10, Switzerland joined the sixth package of anti-Russian sanctions of the European Union, which includes, among other things, a partial embargo on Russian oil supplies and sanctions against the National Settlement Depository, which is almost wholly owned by the Moscow Exchange. Switzerland also imposed "financial sanctions and a ban on entry into the country for another 100 people." Among them are citizens of RUSSIA and Belarus - military personnel, politicians, businessmen, as well as "persons involved in the dissemination of disinformation."

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The National Settlement Depository is the central depository in Russia. It keeps records of ownership of securities, as well as settlements of transactions. He may be in charge of not only Russian securities, but also foreign ones.

Due to EU sanctions, the National Settlement Depository declared the situation an emergency. The NSD stated that they did not impose any additional restrictions on depository activities, but suspended transactions in euros in the course of banking activities.

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Due to sanctions, €4.5-7 billion were blocked on NSD's accounts in foreign depositories, Frank Media sources estimated.