Ahead of the upcoming G7 summit in Italy, where supporting Ukraine and undermining Russia’s military efforts are top priorities, the Moscow stock exchange declared it would cease trading in dollars and euros starting June 13.

This decision coincided with the United States imposing a fresh round of sanctions targeting Russia’s financial infrastructure.

The sanctions specifically aimed to restrict financial transactions involving major Russian entities like the Moscow Exchange, the National Clearing Centre, and the National Settlement Depository, which facilitate dollar trading in Russia.

Despite these measures, the Central Bank of the Russian Federation stated that dollar and euro transactions would continue through over-the-counter markets, EuroNews has reported.

Since the onset of the conflict, the US has imposed sanctions on over 4,000 Russian businesses and individuals in efforts to cut off financial support and military supplies to Moscow.

Written by B.C. Begley