Chaos, Russian Stock Exchange Will Temporarily Close

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Chaos, Russian Stock Exchange Will Temporarily Close


The Central Bank of Russia said on Saturday that it was temporarily closing trading on the Moscow Stock Exchange from March 14 to March 18, 2022.

The central bank also said via its website that foreign currency markets would reopen at 10 a.m. local time on Monday and commodity trading would also resume at that time.

"As for stock market operations during the week of March 21, the central bank indicated it would make an announcement at a later date," the Russian Central Bank said.

Exchanges have been closed since Russia's invasion of Ukraine, when the United States, European Union and other Western allies imposed sanctions. As a result, the Russian ruble fell to a record low against the US dollar.

Russia's Vedomosti financial newspaper reported that the central bank and Moscow Exchange sources said this week that trading in local equities and bonds would be suspended.

This is going to be chaotic at least in the short term. Major Russian companies, which are also listed on the London and New York markets, have seen international stocks plunge to nearly zero when the crisis broke out.


"There are a lot of financial institutions using Russian underlying assets that they want to get rid of but can't," said Rabobank currency strategist Jane Foley.



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