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Nairobi, June 13, 2024 – In a bold display of economic resilience, Russians in Moscow appeared largely indifferent to the new US sanctions targeting the Moscow Exchange, Russia’s premier platform for stock and foreign currency transactions. The sanctions, which are part of the West’s response to Moscow’s ongoing military actions in Ukraine, aim to sever the exchange’s ties with Western financial systems and have led to the suspension of dollar and euro trading.
Yegor Danilov, a 36-year-old engineer, encapsulated the mood on the streets, stating, “With the sanctions in place and foreign travel being a rarity, we have little use for dollars or euros.” This sentiment reflects a broader shift in the Russian economy, which has been adapting to a life of sanctions and reduced Western interaction.Celebrity gossip App is the centre of all entertainment
While the suspension halts transactions through the centralized exchange, pushing them into less liquid markets with potentially higher costs and volatility, it does not prevent Russian entities from engaging in foreign currency trades through alternative channels like direct bank-to-bank agreements or specialized brokers.
The UK followed suit with sanctions of its own against the Moscow Exchange, further tightening the financial noose. However, the Russian public’s reaction has been muted compared to 2022 when initial sanctions led to a scramble for hard currency. Two years of conflict and sanctions have reshaped the economic landscape, with businesses reducing trade with the West and the public adjusting to more challenging travel conditions.
The Moscow Exchange had already seen a shift in its currency dealings, with the Chinese yuan taking precedence over Western currencies. President Vladimir Putin has consistently praised Russia’s economic fortitude in the face of sanctions, a stance echoed by Valery Strakhov, a 53-year-old tour guide, who asserted, “As sanctions intensify, we must strengthen ourselves to emerge victorious.”
Initial fears of a currency crisis were stoked when some banks raised their exchange rates to 200 rubles per dollar following the announcement of sanctions. However, the situation stabilized swiftly, with bank spreads returning to typical levels by Thursday.
Anton Tabakh, chief economist at Expert RA, commented on the preparedness of the Russian financial system, noting that “the immediate effects are moderate,” suggesting a strategic adaptation to the evolving economic sanctions.
As the global community watches closely, the resilience of the Russian economy and the public’s response to these sanctions will continue to be a focal point in the ongoing geopolitical narrative.
