Moscow Exchange suspends Swiss franc trading after new sanctions

The Moscow Exchange said it would suspend trading of the Swiss franc against the ruble and the US dollar from Tuesday after Switzerland adopted new EU sanctions against Russia.

The Moscow Exchange, 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.

“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.

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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.

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