Moscow Exchange to Convert Customers' Currency Balances to Rubles

The National Clearing Center of Russia (NCC, part of the Moscow Exchange group) is set to convert customers' currency balances into rubles based on the central exchange rate established on June 13, 2024, derived from the results of stock trading on June 11, 2024. This information was announced on the trading platform's website.

According to the statement, “the NCC has decided to fulfill its obligations to trading participants and their customers by returning available US dollars and euros after the partial blockage of foreign currency collateral by converting this currency into Russian rubles.”

The conversion of US dollars and euros to rubles and the fulfillment of obligations will take place by June 28, 2024, at the central exchange rate, which was set at 89.2256 ₽ for the dollar/ruble pair and 95.7974 ₽ for the euro/ruble pair as of June 13.

On June 12, the United States imposed sanctions against the Moscow Exchange, the National Clearing Center (NCC), and the National Settlement Depository. Being on the sanctions list means these companies will be isolated from the global dollar system.

Following this, the Moscow Exchange announced that it would cease trading in dollars and euros starting June 13, while the Central Bank stated it would determine the official exchange rates for these currencies using bank reports and digital off-exchange information.

On June 13, the regulator also halted trading in Hong Kong dollars. On the same day, for the first time, the Central Bank established the official ruble exchange rate against the dollar and euro without exchange transactions; the exchange rate for the US currency on June 14 was set at 88.20 rubles, while the European currency was set at 94.83 rubles.