Moscow Exchange suspends Swiss franc trading after new sanctions

A view shows Moscow Exchange office in Moscow
A board with the logo is on display outside the office of the Moscow Exchange in the capital city of Moscow, Russia March 24, 2022. REUTERS/Maxim Shemetov

June 14 (Reuters) - The Moscow Exchange said it would suspend trading of the Swiss franc against the rouble and the U.S. dollar from Tuesday after Switzerland adopted new EU sanctions against Russia.

The Moscow Exchange (MOEX.MM), Russia's largest bourse, said it was having difficulty conducting transactions in the Swiss currency as a result of new trading restrictions imposed by Switzerland last week. read more

"The suspension of operations is due to difficulties conducting settlements in Swiss francs faced by market participants and the financial sector in connection with the restrictive measures imposed by Switzerland on June 10," the Moscow Exchange said in a statement.

Switzerland, which is not a member of the European Union, updated its sanctions package last Friday to match the EU's latest restrictions against businesses, banks and individuals from Russia and Belarus.

The West has imposed an unprecedented package of sanctions on Russia and triggered severe financial disruption inside the country in moves to punish Moscow for sending its army into Ukraine in what the Kremlin calls a "special military operation".

Moscow Exchange said it was looking for a possible solution and hoped to find a way to resume trading Swiss francs in the future.

Reporting by Reuters; editing by Andrew Heavens and Gareth Jones

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