Former Minister of Economy Nechaev: sanctions against Moscow Exchange will turn into a disaster
Sanctions against Moscow Exchange will turn into a disaster. This is what Russian First Minister of Economy Andrei Nechaev called new restrictions on the part of the American Ministry of Finance, his words leads RTVI.
According to the former official, if from tomorrow any foreign exchange transactions in the country stop, when banks did this as clearing centers, this will greatly affect the economy, manufacturers who supply their products abroad and businesses that import goods.
“It would be a disaster for the economy. For importers, for exporters. For ordinary citizens, if they prohibit the ownership of currency and then offer to sell it at some kind of junk exchange rate, then it will simply be direct losses, close to robbery,” Nechaev suggested.
The US Treasury introduced blocking sanctions against the Moscow Exchange and the National Clearing Center (NCC) on June 12. The site soon announced the cessation of trading in the American dollar and euro. Russians will continue to have the opportunity to buy and sell currency through banks – rates will be determined using bank reporting and information from digital over-the-counter trading platforms, the Central Bank noted.
At the same time, the restrictions do not affect the volume of foreign currency coming to Russia from exports. The blocking sanctions of the US Treasury will also not affect the demand for dollars and euros to pay for imports. The exchange rate of the domestic currency is determined by the balance of supply and demand, it does not depend on the trading platform, and it will remain uniform and market, only the range of data for its calculation will change. Exchange trading is not necessary for the convertibility and free circulation of the ruble, the Central Bank added.
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