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Trust in dollar will decline even further after new US sanctions — official

The Bank of Russia said earlier on Thursday commenting on the new sanctions, it will calculate the official ruble exchange rate on the over-the-counter market, the rate will remain uniform and market-based

MOSCOW, June 13. /TASS/. Trust in the dollar will fall even further after new sanctions from the United States, not only in Russia, but also in other countries, as the US uses its currency to resolve political issues, Chairman of the State Duma Committee on Financial Market Anatoly Aksakov told TASS.

On Wednesday, the US Treasury Department imposed sanctions against the Moscow Exchange. The National Settlement Depository and the National Clearing Center (part of the Moscow Exchange group) were also included in the sanctions list.

"Such decisions undermine the United States’ financial dominance. Trust in the dollar will undoubtedly plummet further. It is apparent that such judgments are being scrutinized not only in our country, but also internationally. People are becoming more aware of the fact that the United States uses its currency to resolve political disputes. Many other nations may fall under this situation (sanctions - TASS) after Russia and, therefore, de-dollarization will happen even faster than it has recently," Aksakov said.

The Bank of Russia said earlier on Thursday commenting on the new sanctions, it will calculate the official ruble exchange rate on the over-the-counter market, the rate will remain uniform and market-based.

"The Bank of Russia will determine the official ruble exchange rate on the over-the-counter market. The rate will remain uniform and market-based, but the range of data used to calculate it will shift. It should be noted that both the international and domestic currency markets of most countries in the world are over-the-counter," the regulator’s press service said.

The Central Bank also emphasized that currency exchange trading is not a necessary condition for the convertibility of the national currency, the free circulation of foreign currency, and the formation of market exchange rates.

The US introduced sanctions yesterday against the Moscow Exchange, the National Settlement Depository and the National Clearing Center. The Moscow Exchange said that it would not trade in the dollar, the euro, and the Hong Kong dollar since June 13 due to sanctions.